All Forum Posts by: Brandon Ingegneri

I think you may find it hard to find an unsecured line. That is typically something that develops later in a banking relationship. Typically a line is going to be attached to a collateralized asset. At the very least, you’ll need to have an account at the bank and have done some business with them. I’d start with getting a traditional loan first if possible. Then you can expand from there. 

The only exception to the rule is a municipal credit union where a particular employer has a relationship with an institution and those employees have those benefits available to them. Other than that, I think the line is secondary in the banking relationship. 

I know that Centerville has hired a bunch of new people and that they are aggressively trying to expand, institute new programs, and bring in new business. They are definitely on the move and worth looking further into. 

@Mo Um

I’ve got a few banks that I regularly use. I don’t mind connecting you if that’s the direction you decide to go in. I haven’t found a bank that will extend a loc without also having a first position though.

my lease is 12 pages plus an inspection addendum, and lead disclosure. They sign on page 12, as well as the two other documents. 

Throw them in a separate account just to be safe. Make sure you provide the entitled refund within 20 days of the tenant vacating and providing a forwarding address and you’ll be in good shape. 

Like everyone else said, ask the building inspector very generic questions. I wouldn’t give your full name or the address. Get a feel for the direction the wind is blowing and then reevaluate. 

It sounds like you are just trying to add a bedroom as opposed to an additional unit which is typically more difficult. Hopefully all you need are some simple modifications. 

The best advice that I can give you is to go out, dig up, and analyze deals. While going to meetups is beneficial, diving in and getting reps is the most efficient way to gain knowledge. I’m not saying to fire blindly, but building your back end team and working deals can’t be substituted. I am 34 and have been doing this for almost 12 years and I am still learning things on some of my deals that I wouldn’t have learned otherwise. 

This is one of those things where no website, metric, or formula is a substitute for familiarity with your market. If you are having a difficult time gathering compatibles, I’d go off of the lower end of the rent spectrum. 

Given that my primary business model for the last 8-9 years has been primarily focused on rentals, if you provide me with some pictures, square footage, and neighborhood within a particular city or town, I can get you in the ballpark. 

You can only get the owner occupied tax credit for one property. If you own a multi, they will only apply the credit to the occupied unit as opposed to the entire building. Getting an entire second property, especially in this city could prove difficult. It’s not worth rolling the dice. The one person you never want to go to battle with is the tax man. As much as nobody wants to do it, pay the correct taxes and move on. There are a million other investments that you can invest in to make up the shortfall. 

The RI State Fire Marshall will provide a general guideline and minimum code, however each city and town varies with their individual enforcement above and beyond the minimum state mandated code.  Having said that, it will vary from town to town and city to city.  Anthony is correct with regard to his comment about the Authority Having Jurisdiction.  

What is allowed in some circumstances is a waiver allowing a dispensation for a period of time allowing the property owner to to bring the property into compliance.  If you are pressed for time, and are unable to get this rectified by the closing, a credit may be applied, a dispensation can be signed and attached with a quote from a licensed professional, or money can be held in escrow until the work has been completed.  There are a few ways to perform a work around, to get the property closed, but ultimately work will need to be performed.  I regularly sign a waiver buying in lieu of a smoke cert.