All Forum Posts by: Brandon Ingegneri

In 2019, I am only buying and holding super deals that come across my desk.  I have not and am not actively looking for properties, but have a consistent deal flow that I allocate as buy and hold, or typically wholesale at this point.  I will do more of the same in 2019, but will ramp up my private lending, expanding staff, and setting up new infrastructure and systems so that everything is in place when my next growth window presents itself. 

This is a difficult time of year, but those applicants that are looking tend to be very serious.  The rent appears fine, depending on the condition of the property.  I honestly think it needs to be in very good condition to command that rent.  Water will remain in your name, but you can send them a supplemental bill each month.  I don't think you'll have an issue with snow/lawn, etc.  Whoever told you that it is illegal to have a tenant shovel and cut the grass is a dope.  Plain and simple. I think that putting physical bank account information on an application could be a deterrent.  With all of the fraud that takes place these days, people are skeptical. I think a thorough but streamlined response is the way to go.  Over the last decade, I have amended mine as I notice trends.  The pet deposit will get you in hot water.  $250 isn't worth getting sued.  I think the $40 for the background check deters people.  I charge $25 and people tend to not have a problem with it.  

I feel that multis in particular are heavily inflated in Providence and the surrounding areas.  Singles have pulled back slightly, but the multi market appears to be going strong.  To answer your question, during the recession and up until 2014 or so, multis were substantially less than they are now.  Having said that, I do not expect a pull back to those numbers, but I do expect a pull back in the next year or so of some extent. 

They say that there is no such thing as bad publicity. I’ve been questioning the reality of that statement over the past few days. Last week, a plumber that we sub contract, who is also a friend (who regularly adds stress to my life) gets pulled over in Warwick RI. He wasn’t working at the time, but he was wearing one of our company hoodies. Immediately, my phone starts blowing up from people that I know giving me the heads up, including a number of the cops who I know that realized that it was my business that got plastered on national tv. The plumber was given a field sobriety test and released, but his passenger had an open container and was brought into custody on a minor outstanding warrant. I have built my business over the past 10 years and have always kept the fact in mind that Rhode Island being such a small state that word travels quickly. As a result, I have always done my best to put the company’s best foot forward, conduct ourselves in a professional manner, and maintain a solid, respectable reputation. I received an inquiry from our insurance agent, and over 60 random Live PD fans from around the country with some hysterical conversations and voicemails as a result. No business has developed from the exposure minus requests to purchase several of the hoodies. Will this negatively impact the reputation of my company, or is it something to just laugh at and try to capitalize on?

@Nicholas Bolcon the content of the report is more indicative than the score itself. It tells the entire story.

@Richard Moreno $3500 is in the ball park but a little on the high side. You want to find out if your being insured through surplus lines or not. A lot of the time, factors pertaining to a property will determine what carrier an agent can get you covered under or not. For example, I have all of my properties in 2 bundles. Whatever I can get into my main policy, I do as the rates are more desirable. What I am unable to goes into my surplus line policy. Sometimes just the proximity to the neighboring property determines what line you’ll Be insured under. Having said that, I have 3 families that are insured around the 3k annual premium mark, and others that are $1500-$1800.

There are different schools of thought on this.  It really all comes down to how you are structured overall and the level of discipline and organization that you have running things.  Personally, I make sure everything funnels through one bank account and gets reallocated from there.  That system works for me.  That doesn't mean that it will work for you.  If you end up with 25 houses, your going to maintain 25 sets of books?  You'll end up trading valuable time working in your business instead of on it. My advice, one main account, meticulous bookkeeping and organizational skills, and you'll be fine. 

Some money will depend on what you are digging up as far as deals. Enough for acquisition though. 

I would start with comps. If and when you begin doing volumes of deals in particular areas, you begin to get a feel for the market amd it’s trends. 

Feel free to PM me, take a look at our Facebook page, Avellino Construction and Property Management as this is updated most regularly.  If you would like to discuss further, my phone number, email, etc can be found in the signature portion of the posting. I can help to answer any questions that you may have about the process, efficiency, and how we operate our portfolio and those of our customers. 

My advice would be to secure some money and acquire these wholesale deals and list them below market value in as is condition.  Return on your money, gain of experience, and limited financial output initially.  You have some skin in the game, learn the game, and stack your chips all at once.