All Forum Posts by: Dave Lamattina

So one of my tenants decides to make a complaint at Board of Health on me without even contacting me first. So of course they go in and find a whole list of violations, most of them typical which I would repair anyhow. Unfortunately they found infestation of bed bugs. This is my first experience with this and Im not happy about it. They are making me exterminate though I did not bring them into the unit. My Pest co comes out to investigate and quote me price of $800! What's worse is the bugs may come back in a few months depending who she is bringing into the apartment. Anyone have any experience with this? I spoke to my attorney who says right now the law simply states landlords are responsible for exterminating pests, rodents, etc. Something has to be done about this...I know some states have made amendments, but MA has done nothing. Any more occurrences like this and I'll be out of business. Please help!!!

Rich Dad Poor Dad RE Investing was one of the first ones I read...really basic but informative so its a good start. Also, Gary Keller's Millionaire Real Estate Investor was another one I really liked. I think I have purchased just about every book on RE as I used to walk into Barnes and Noble just about every other week....after while the info gets pretty repetetive though.

No problem, hope it works out for you! Just make sure the sheetrock behind it is not moist or mildew otherwise its junk and should be gutted. Let me know if you have any other questions. -Dave

I have been a landlord for over 7 years. People break their lease all the time. They are only responsible for rest of lease term if I have made "considerable effort" to rerent and have not found replacement. Then I have to take to court and chase what is owed. I have never attempted this. Your landlord may threaten you but with a 30 day written notice you should be fine. I now have a clause that says if they break the lease early, they forgo the last month rent already paid and just pay the last month (I get to keep an extra month's rent). This seems to work so far.

I am from Boston MA as well and do not know much about Florida market. I do know that there are a lot more deals there than here, the economy on the other hand is not as strong there and more people are out of work. Could be risky...I invest in multifamily in northeast MA and the market is pretty good here though supply is very limited with high demand for quality property. We are seeking minimum 24 unit buildings, preferably brick...none on the market right now.

Brian,
I have plenty of experience when it comes to tub surrounds! In fact I just did one over myself in one of my units. I gutted everything first then put up the green board which is mold resistent. I then glued on FRP panels using the corner beads and divider strips that go with it. Finished it off with GE white silicone caulking on the seams....came out beautiful and should last for years!

Strongly suggest separate LLCs for each property owned. This comes from my seasoned attorney who specializes in real estate. The reason being is that if a lawsuit were to ever come against you, they would have a harder time going after your other property. Works best when combined with liability insurance as well.

I made my first investment when I was 24 yrs old, I am 32 now. I bought a 4 family that I converted into a five unit and still own today. My strategy is to buy stable buildings for cash flow and hold for the long term. I own 42 apartments now and did so by using investors to fund the deals. I am still seeking additional investors as we are targeting larger complexes now. You can either partner or on your own I would start with 4-6 unit properties.

I use Kall8.com. It is great as you purchase an 800 number that you give to tenants. I have mine set to go straight to voice mail so my phone doesnt even ring (great when they try to call at 1 am b/c the washer took their quarters). I get an email to my blackberry right away with the vm as attachment, I can call them back right away. Strongly recommended.

Bryan,
My company bought a 12 unit building by partnering with one high net worth investor. We are looking to grow our company on a larger platform by pooling additional funds. We have access to quality deals but need the capital to complete them. I would be willing to volunteer....thanks, Dave.