All Forum Posts by: Filipe Pereira

@Johnny Awwad you can make this as complicated or as simple as you'd like it to be. A simple google sheet with a 12 boxes (one for each month) and a name / address to the left would get the job done.

As for matching the rent total to a specific unit - if you have multiple let's say $1,000 rentals, make someone's rent $1,0001, or $999. The amount in your pocket is basically the same at the end of the day and it will be easier for you to match rents with a specific unit.

@Charles Carey The number one thing that people comment on their current PM (the one they are looking to transition away from) is the lack of communication and attention to getting things repaired. Because of that - I focus like crazy on those two things, and keeping vacancy low by retaining great tenants. 

I think if you excel in those three areas you will kill it as a property manager. It has worked well for us in Connecticut. People will pay more if they know they can get a hold of you, their properties are being taken care of, and rent collection is steady. There's plenty of washed out property management companies that are doing what I call "half rate" services at full rate prices, and as time goes on they will be pushed to the wayside. 

We have our process for pre screening tenants operating like the well oiled machine that it is. It's the #1 thing I did for my sanity in the last 4 years. You can check it out here @Jonah Kolsrud: https://www.biggerpockets.com/...

I've often wondered the same @Bill C.. I know some people use VAs for maintenance related calls, but to be honest I feel like I don't get enough maintenance related calls to hire it out to a VA. @Drew Sygit does a lot of work with VAs, and I've been meaning to pick his brain about it, but haven't gotten around to it just yet. Maybe he can chime in here. 

What does the town's assessor card say @Ken Hui? Usually, that's the only thing that matters. Even if it says 3Bed instead of 4, there is nothing stopping you (besides a payment to the city, probably) from having that amended to reflect what is currently in your home. 

What are you looking to protect yourself from? 

@Brendan Lawrence

A couple thoughts: 

1. Switch asset class ( go to MFR)

2. Switch markets (CT for example still regularly exceeds the 1% rule on MLS properties)

3. Nothing really happens when the entire state can't meet the 1% rule. It's too vague. Investors will either buy based on hope for appreciation, or they will invest their dollars elsewhere. There are LOTS of places that don't hit 1%. Think of the big cities (Boston, NYC, etc.).. they dream of 1% deals.

Most flippers that I know in CT stick to properties with ARVs in the 200-350K range. With that in mind, I have read that they try to clear 20K in net profits after the sale is complete @Chris Niemeyer. Obviously some days it will be more and some days it will be less. 

Personally I don't want another "job" so I stay away from flipping, I'd rather just buy another rental property! Obviously flipping works best when you're doing as little of the work as possible. 

Hey @Ryan Allison, good to see another fellow CT'er here on BP. I decided to hand off my taxes (after doing them myself for a few years) to a CPA once I got my rental property and established my business. I would definitely see the value if I had properties in different states, because that only complicates things, of course. 

I was using one of the big names that you see often in Connecticut real estate circles, but switched to someone in Ohio this year. I'd be happy to share his contact info if you'd like. 

Uncle sam is going to get his - the only question is when! 

Hey @Samarth Patel, Jay Scott has a great Bigger pockets book on estimating rehab costs, you should check it out. Personally, I'm a bigger fan of the "pay a contractor" method. At the end of the day, it's the contractor that is going to do the work for you, not the book. Therefore, in my opinion, what the contractor says is more important than what the book says. 

Plus, once you meet with a contractor enough times, and receive enough quotes, you will get a good idea of what things costs. Let me know if you need any referrals for the Hartford county CT area.

Heck yeah @Noah Lee! I wish I had that kind of support when I got started. LOL. My mom basically begged me not to do it...oops! 

One thing I will say - keep your W2 job for as long as you can, definitely until you get your first mortgage. Getting a mortgage as a self employed person is that much harder, and they will want to see 2 years of tax returns before writing a mortgage in most cases. It's something I'm going through right now. 

I believe @Michael Noto and @Michael Doherty are pretty active in the Southington, Connecticut area. I've also got a great lender out that way if you want to pick his brain! 

Have a great day, and welcome to BP!