All Forum Posts by: Jay Levy

Hello BP!

Im about to purchase an 8 unit property, my largest to date.  I wanted to see if anyone had any recommendations on the best process to notify the existing tenants of the change and where to send rent.  

I was thinking about having the current owner send a letter out the morning of closing with our contact info and new payment instructions.  

Would love any advice / templates.

Jay

Hi Chad - 

I recently started investing in the Newport / Middletown area.  We are doing primarily short term rentals on multi family properties.  Feel free to reach out with any specific questions.

Jay

Hi Nathan!

I recently started investing in the Newport / Middletown area.  We are primarily looking at multi family homes that we can legally do short term rentals on.  Reach out to me when you get to Newport, happy to meet up.

Jay

Best of luck. If it's down by mizner sounds like a great opportunity.

Michael Medeiros I'm about to start a renovation job in Middletown. Any recommendations on good / fair GC's would be great.

Colleen F. Thanks for the input. The property is up your way in Newport.

We just closed on a 2 family vacation property that we need to rehab prior to season starting (Memorial Day to Labor Day).  One of the units (the more lucrative one) is vacant and we plan on starting renovation work ASAP to minimize vacancy in peak season.

The second unit is currently leased thru the end of June 2017, which means by the time we get the unit back and rehab we have missed most of peak season.  

The tenant is willing to stay longer, when we run the #'s the short term rental income is almost exactly the same as extending the tenant's lease for an additional 8 months.

We see pro's and con's of both options, keeping the tenant thru February 2018 or having the tenant leave at the end of June 2017.

Any thoughts would be appreciated.

Anthony Thompson thank you for the info. Talked to the broker. The listing was still appearing on the MLS just not the sites (realtor.com, Zillow, etc). We closed today!!!

I'm under contract to purchase a property in Rhode Island. We plan on closing next week, though I'm a bit hesitant the buyer wants out of the deal. It appears the listing has dropped off the MLS. It was on the listing sites as pending up until a few days ago. Any ideas on why the broker would have removed the listing prior to close?

I recently went under contract on a property for $400,000 (no financing) in a very hot market. The seller was asking $440,000 but they took our offer after being on the market for 3 days. We are near the end of the inspection period and we identified about $30k in repairs, but the buyer is holding firm. In fact before the inspector even left we got an email from the sellers broker that they won't budge on price. A few days later we sent thru our request and they wont budge. There are a few days left on the inspection period and the seller has twice asked us to send docs releasing them from the contract so they can proceed with another deal. They also keep claiming the have an open house planned. What does the BP community make of their signals?