All Forum Posts by: Filipe Pereira

I mean, you're basically doing the BRRR method @Noe Arreola - with possibly the exception being in how you bought it (traditional financing). 

There's nothing wrong with that and if you can find a deal where the numbers work, pull the trigger!

I would imagine that as long as they have access to the master / main breaker, then that would be sufficient. However, I'm not an electrician, so there is that. In my experience the master shutoff is outside of breaker panel anyways when it's been upgraded. Many towns require main shutoffs at an exterior point now a days anyway. 

What an all around crappy situation. 

@Heather O. this thread is 9 years old, but I do have a list of common security deposit deductions if you would like to have it. It's available online, but it's against forum rules for me to link my own website in my response. Let me know if you can't find it. 

Hey, we just had a similar thread going here @Brent Kiger : https://www.biggerpockets.com/...

@Drew Sygit was giving out some good info there, perhaps he can chime in here as well. 

@Tracy Streich what sorts of tasks does your VA do?

@Nathan Gesner said it best. The easiest one is to just make the check payable to the person that handed you the payment in the first place, or who is listed on the security deposit account at the bank. 

In CT we are required to place security deposits in interest bearing escrow accounts in the name of the tenant. My bank requires me to get a w-9 from the tenant in order to do this (because the interest belongs to the tenant). SO I tell tenants at lease signing that whoever gets me the w-9 is the person who the check will be made out to upon move out. 

Everyone knows from day one who will be getting the money back. 

@Nathan Gesner I am hopeful but not convinced.

Let's not kid ourselves and think that this happened because the Transportation Department got smart overnight, and realized it was a dumb policy. I believe it's the results of months (years?) of lobbying by the airline industry which came as a direct result of tons of bad PR by the airlines that put their foot down in a few unique cases that "blew up". 

I'm not sure if landlords have the lobbying power necessary to pull off the same thing with HUD, but like I said, I am hopeful.

This is definitely a step in the right direction.

One option is a master lease / lease option. The owner rents out the building to you and grants you permission to rent out units, make repairs, maintain the building, etc. 

In exchange, you pay the master lease, with a portion going towards the downpayment. After X amount of time, you have accrued a downpayment and can then purchase the property from the seller along with financing from them, or a bank. 

No money down up front.  

Thoughts? 

Really? I'm just thinking about all those panels that are hidden away in MFR basements scattered around CT / MA. Most of the time tenants don't have access to the utility portion of the basement (if they even have access to the basement at all).

I was going to suggest putting a lock on the door, if at all possible. Some of them have loops that you can slide a combination lock through. In the event of an emergency, any decently equipped fire department would be able to break it off. 

The lock would only keep honest people honest, which is usually the case around locks. 

@Jeff Piscioniere, you may want to connect with @Remington Lyman if you haven't already. If memory serves me right, he's a former Connecticut resident turned OH resident, and can probably give you some insight in addition to what you and your partner have found. 

Totally absurd and information we wouldn't provide @Noel Tijerino. Further, I'd be making sure you had a copy of his insurance policy every year, without fault. 

Ask him for his reason, I'm sure we would all love to hear it, lol. 

Or better yet - tell him you don't carry insurance. He may move himself out.... ha!