All Forum Posts by: Colleen F.

Of course it has been discussed before but in some ways it depends on your area and the type of unit and there are often need ideas. I had to make a short term and long term plan for my one college student rental. I started with carpet squares to get it going to meet the school year startup timeline (only kind of carpet for a college rental) and moved to a pricier interlocking rubber floor called place and go. I wanted something warmer then vinyl over the vinyl /concrete subfloor. The concrete was very uneven and we may reconfigure. This is twice the price of the vinyl Al is talking about but more durable then laminate and carpet. It is also a self install. I am going with carpet in bedrooms another rental but the vinyl plank is a thought. Need to look at the price.

A couple of points. Normally banks don't let you refinance if your house is up for sale so that could be an issue. Run the numbers on this investment. Its important to consider what you can legally turn it into before you count the rent. You may have done this, I can't tell, hopefully you get more financing ideas

Sean, not super experienced mostly seriously since 2007. A number of transactions prior to that though because we moved some. We have one rental and just purchased a 6 unit multifamily. Not sure that I have the level of experience to mentor but happy to share.

This really is a complicated and possibly emotionally charged situation. You need to find out, is your grandmother in charge of her own affairs or is your mother managing them for her. If your mother is managing them in what legal capacity, does she have power of attorney? If so when did she get power of attorney and was it signed over by your grandmother or did she go to court to get it? Take that information to a lawyer and tell them that you want to buy the house and how do you do it legally.

I would say if you buy the house, you buy it alone or with your siblings equally. I would not advise you buy out the mortgage and they take their inheritance. If you own it with your siblings it is best if you decide how expenses are split and put your arrangement in writing. Make sure there is a written agreement on if the house will be insured and to what extent. Who will live there and for what rent?

My experience with my parents estate is that a home can be a challenge to relationships. A major event like a fire or flood without written agreements in place results in problems. Who should have paid the insurance and didn't? Where does the tenant sibling live when the house is being repaired. Who carries the house during that time. I cannot begin to tell you all the issues we have had. It is worth enduring a little upfront criticism for being overly cautious and getting your own lawyer to discuss this with rather then the long term consequences of winging it. It will help your relationships and your potential investment in the end. Although I wanted written agreements I did not push hard enough on the house especially for fast resolution. It is 3 years now and no end in sight. A little upfront investment of your time could save you alot of issues later.

Fran, does this ordinance say what happens when you get revoked on one property and have other active properties with tenants at the same time? It seems you are obligated to your tenants by a lease but the town says you can't rent,

Roy- in Narragansett no street hockey. I think it is a pretty typical of rules to control college student rentals. I am not sure it is the right thing but it it what it is..

In general for screening I take a different approach then regular tenants for students who in our town is who these ordinances are targeted at. They have no credit so cosigners. Internet search to find out what you can about them. Check the facebook page of course. Check are they really a student and do they have a major that is going to take some time out of their life to study. And they publish the police log so you can search any previous address there to see if they resided somewhere with issues. You could use some of these with the general tenant population I guess but the internet is more used by this age group so they are more likely to post.

Jessica, We started in the student market with a SFH. It was attractive to do a URI winter rental and know I had a summer weekly market too because of the beach. Market is always there but you need to pick the attractive neighborhoods for student rentals and weekly rentals. A little different on the landlording side though students take a lot of effort. RI is hit hard on unemployment so prices seem to be down for purchasing but starting to recover. I just kept looking at MLS listings until I got a feel for the area. It got where I could know if the street might interest me. Know the neighborhoods.

We just picked up a 6 unit. We were running the numbers on SFH and just couldn't get a good return. We did a spreadsheet analysing each deal. Even with repairs this property did alright. Even if you know something probably won't work or you can't afford it run the numbers. The more you do it the better you get a feel for what you need to know.

Marketwise the only markets I know in RI are South County and Providence. I am in South County, Providence has a big rental market, I just haven't explored. A couple of important things to know in RI are that it requires out of state landlords to register with the state and you need to have an instate contact so usually a property manager (not a very painful process but property manager costs). It also has lead and fire regulations that you need to pay attention to. (for fire most impact over 4 units).

For courses our local Vocational school had a night class that was cheap and basic. It ended with a foreclosure tour which was educational. It was good for me. If you have not bought property before this kind of course is helpful. Just keep reading here and you will find out most of what is in those types of courses but you may take longer to do it. I reccommend just what you are doing now reading and asking questions before you try a deal.

No, I just meant to say I don't have properties there. There may be deals but we didn't explore that market. I am currently investing in RI. We thought about something local but nothing turned up at the right time.

Joey - are you investing in worcester/middlesex? to hold or flip?

James- I used to live in my last historic restored home but had to move. I so miss that place.

@ Mike and It is good to see MA people here. I am right next to worcester. No property there though.