All Forum Posts by: Brandon Ingegneri

@Adam McCarty it is a completely valid question and that's the sort of outside the box thinking that gets deals done. 

Spend the money on a highly insulated commercial door with a tensioner that makes sure that thing is closed tight every time it is used.  If you describe the physical layout in a little more detail @Carson E., I may be able to give you few options for supplemental heat.

The first question @Paulo Tomas, is do you have any experience managing some of your own properties, and what is your specific skill set and background.  I feel as though I can better answer you question if you give me some very general information about yourself, experience level, and background.

I would like to expand my buyer's list as I come across a number of wholesale deals in Rhode Island and Mass, but I want to respect the no solicitation regulations of the site.  Is there a way that I am able to directly let BP members know that I have a great deal on the table within the confines of the rules of the site?  Also, I would like to connect with individuals here that may be interested in some great deals that have lots of meat on the bone.

I have to go with @Linda Weygant on this one.  Someone once told me a great saying, and please trust me, this is not meant to offend anyone, because we are ALL here to make money, but it always stuck with me.  "Bulls and bears will make and lose money, but pigs will always get slaughtered".  Taking calculated chances is part of this game, but don't risk it all for one more deduction.  Put that same effort into obtaining an additional unit.

You want to document everything and deduct from the $2000.  Forward that sheet to your tenants.  You are being 100% fair.  Im sure there was no clause in your lease allowing them to live like animals and destroy your property.  Check on the specific security deposit laws of your state, but here in tenant friendly RI, you send a letter documenting the expenses.  Definitely retain invoices and cleared checks, etc for your records.  My opinion, they don't deserve a penny back. 

Get rid of them.  The writing is on the wall.  They are going to be a headache.  

Some states get very specific on what you can and can't do with security deposits.  Its worth making the call to the attorney to get a definitive answer.  If they paid you in a check originally, I would personally just cut the check to whoever initially paid me.  Cash... different story.  

@Tara Myrick.  This deal while even though a financial success especially for where I was at the time in my life, was a failure in that at the time, I didn't see the long game.  I was impulsive and so excited to see that huge check that I got tunnel vision.  I owned that property outright.  If I held onto it for a couple of years as a rental, I would have gotten every penny back.  I then could have done a minor rehab on it or small addition and made a more substantial amount of money.  Today, I keep nearly everything and only flip 4-5 houses a year.  My entire game plan changed, and if I had been more patient, thee would have been a more impactful benefit.

Absolutely @Mark Brogan. That deal was years ago, and dozens have come and gone since then.  It was a great lesson that I learned a tremendous amount from.