All Forum Posts by: Brandon Ingegneri

They're out.  Period!

As long as they can document 2-3 months of what they state, other than the pedigree info on the application and the photo id, I would want to make sure their liabilities are on their credit report.  $8k income a month means nothing with $10K going out.

Boyfriend is on the hook.  If they are both on the lease, its on him to pay you now and if he wants to chase her to compensate himself, let him have a blast.  Id ask him if he has the ability to pay. If not, it looks like he is on the hunt for a new place.  Obviously if he does not pay, he has to be evicted and he will forfeit whatever you collected from him up front.

Nothing works as well as a hand written letter.  I've gotten dozens of deals this way.

I do everything through quickbooks.  There I set up tenants with monthly ACH transactions.

@Joe Rodriguez

Though I am not based out of NY, we have pretty tough winters here in RI, so the electric baseboard was a consideration when I first started hanging on to multis.  Here is my advice.  Separate the utilities, but DO NOT utilize electric baseboard.  There is a huge stigma that tenants have associated with it, and units that have it quite often rent for less than they would if they were heated with traditional baseboard.  My partner is a master electrician and we discussed this extensively.  They are much much safer than they were years ago, but people just don't like electric base for some reason.  He sees this every day in his line of work and I trust his opinion piggybacked with what I have personally seen.  Your only looking around $7-$8 ft labor and materials for the traditional baseboard.  The heating system is a different story.  Mechanicals are always my largest expense.  

Are you looking to hang on to this property long term, or for just a couple of years?  Short term, throw in any functioning boiler that you find that meets the specs you need.  Longer term, you can go with an on demand system.  Every major rehab I do, I put in Navien units, and they have worked very well.  There are a number of brands out there, Renai, Triangle Tube, etc.  Find out what you like, check reviews, and see what your Plumber recommends.  Just be aware that not every plumber is able to properly work on them.  You really want to get the right guy doing the mechanicals.  Another option that I have used... there are tons of great used boilers out there from on demand upgrades, demolition jobs where the demolition company has rights to salvage what they choose, etc.  I have bought a number of great boilers for $500 that run great and have lasted years that came from a previous house. 

If you produce a clean property with upgraded, separate mechanicals, I find that you tend to get a more responsible applicant.  I am able to get rents that other landlords get having something included.  Even if you take a little less, you'll still make out in the long run not footing the bill.   

It seems like there are so many bandit signs, mailers, flyers, etc stating, "WE BUY HOUSES", but it seems like the overwhelming majority of the people that I make contact with really are not investors, and either have no money of their own or no money behind them.  Are there any actual cash buyers in RI out there, or does everyone just try to assign a contract?  I have a good sized buyers list of the contacts I have made over the years, but in all honesty, there are only 2 that I do regular business with where we pitch deals back and forth to the other and do business somewhat regularly on both sides of the table.  Im just curious if some of you have had the same experience, any insight, etc. 

My partner and I are involved in several areas of real estate, but we have a large rental portfolio in Pawtucket, the Elmhurst neighborhood of Providence, Mount Pleasant, Cumberland, and Lincoln.  We are currently looking for multis in Pawtucket that need work to expand our long term portfolio.

@Rick Jones

If you are still in need, feel free to inbox me as I have 2 very reputable referrals that I could pass along.

@Eric Army

Just curious what city/neighborhood your rental was in.  Also, great job on increasing the cash flow.  You threw the money at the right items, and I love your shtick on the DIY.  It took me a long time to learn that in order to make more money, I had to put down the hammer, and replace that with a pen.  Sounds like you figured that out right out of the gate!