All Forum Posts by: Filipe Pereira

Hey @Doug Borchert

Welcome to BP and congrats on getting hooked. It's a dangerous, slippery slope from here on out, LOL.

Reach out sometime, would love to connect on the marketing front. 

Thanks,
Filipe

Hi @Jason Bee - seller's aren't being encouraged to avoid going to the market because it's a seller's market right now, and people are seemingly willing to throw absurd money to buy houses right now. What kind of financing are you trying to use to buy this MFR? If it's a low money down option, it's possible that your agent just isn't excited about working with you because his hopes aren't very high. Just a thought.

I'm not overly familiar with the Boston shoreline area, but I do know @Lien Vuong is all over that part of the state. Maybe reach out to her to get some feedback?

Best of luck! 

Welcome to biggerpockets @Ryan Balowski. I like your idea of starting small and seeing if this is something you can make work for you. For such a small state Connecticut has a lot to offer in terms of real estate investing, at a wide range of price-points. Mark Hayes and David Haberfield have both flipped in Bristol. Not sure if they are on BP, but they are definitely on Facebook. 

Hi @Mathew Fuentes, do other properties in the neighborhood have paved driveways? If so, it's unlikely that it will add significant value to the property. If it was a single family, I would probably think differently, but most landlords aren't savvy enough to think "gee my tenants are going to hate shoveling snow on gravel, so let me pay more for one that's already paved" or the impacts of finding a plow guy who will do a gravel driveway (some won't).

Hard to say whether or not it's worth it without knowing the size of the areas you are paving, but if I could keep it under 5K, I'd probably do it on a profitable year to soften the hit of taxes.

What a crappy spot to be in @Jenna Bamlet. Is there anymore of a backstory here? If they are firing you, I would imagine they don't have a right to demand a termination fee. If you are firing them and they feel they shouldn't be fired, I can understand why they would put up a fight. I don't think the application fee is where I would try to get my money if I were them, but their contract may not be all that great in terms of giving them other avenues. 

Without more context I'm not sure I'd be able to refer you one way or the other. Generally speaking, these things can be resolved without going to the real estate board. Good luck! 

Could be days, could be weeks. Depends on how easily they can find you to serve you the papers. Have your ducks in a row, did you try to compromise with the tenant best you can already?

I believe that someone with a good contact list and decent systems can manage 10 to 15 units by themselves with a full-time job. Obviously this number changes based on each person's life circumstances, whether they have other commitments to attend to, Etc.

For most people property management is a luxury, not a necessity. Especially because most people will never own more than 5 to 10 units. However, people are obviously free to spend their money however they prefer to, so who are you or I to tell them what to do or what not to do. Some people spend money on property management to relieve themselves of the headache, or because they are too far away. Totally sound reasons. Heck, I even know of a couple people who live next door to their rental and still hire property management out!

There is no one size fits all approach to property management, thankfully. As for liability, the buck always stops with you. If the PM did something negligent, they should absolutely own up to it, but if it was something that just happened because the house is old, well, it would be hard to blame them for that, unless you specifically told them to have it addressed previously. 

That sounds brutal @Jaysen Medhurst and a real strong way of keeping renters "out of my back yard". Yikes! 

The reality is that similar rules can exist in condo situations @Alexander Valerio. We use to manage (use to because the owner finally sold it, thankfully) a condo in Vernon CT and the HOA there had very firm bylaws on renting because they were concerned that the scale between owner occupied vs rented units would become too heavily favored for tenants.

I guess what I am trying to say is that no matter what you do, if you go the route where there is a HOA or association making the rules, make sure you are very familiar with them before jumping in. 

I would actually stay NORTH of 44 and SOUTH of 384, mainly trying to avoid the area where the street names sound like trees: Oak, maple, birch, etc. North Manchester is the best from what I have seen in my time as a property manager in the area. 

If you have a lot of applications for an apartment, chances are you are going to either A) waste your time with unqualified window shoppers or B) your rent price is way too low for the market. 

Ideally you should be receiving less than 5-10 applications before finding the right tenant. Any more than that and I would be questioning your pre-screening methodology.

Keep in mind, you can't talk to everyone at the group styled showings. So while it's great that you have 40-80 people interested in viewing it's more important to speak to those who are actually qualified. The only way you know who those people are is if you are pre screening them.