All Forum Posts by: Jake Noreau

@Anthony Thompson I assume that list is available through the website as a member rather than through the Facebook page? I'll DM you about specific contractors. A couple of jobs I am looking to do in early June if all goes according to plan.

Hey BiggerPockets people!

So I'm wondering if any fellow Rhode Islanders can give any recommendations on contractors they've used. I'm looking for an investor-friendly contractors for a few different jobs. I'm doing quite a bit of searching on my own, but any recommendations would be greatly appreciated! Some of the jobs I need to do in the very near future, and others I would just like to have a reliable contractor in my back pocket for when the time comes. I'd be interested in contractors in one of the following categories:

- Electrician (complete service upgrade)

- Plumber (replacing cast iron pipes?)

- Roofer (repair and/or replacement)

- Gutters

- Reglazing porcelain/tile

- Asbestos ceiling removal

Thank you and any suggestions would be great, even if outside of the scope of these jobs!

Just to follow up, got the appraisal report, just shy of a week since it was appraised. In my case, the appraiser actually walked the property and took pictures. So a little delayed, but not quite as bad as two weeks!

@Anthony Thompson Quick question Anthony: did the appraisal for the property you're closing on take that much longer than normal to receive the report for any reason besides slow down? I know things are generally moving slow right now, just wondering if perhaps this was a commercial property or some unique house with a scarcity of comps that may have made the appraiser's job harder? Just wondering.

@Brian Allanbrook Thanks! And congrats on your new place as well! Have you had any difficulties getting tenants? I'm just considering you were probably trying to fill vacancies right when this started up. I'm sure you were thorough when screening; I guess I'm just wondering if you had the foresight to avoid, say, tenants with at-risk hospitality jobs?

@Fan Bi Absolutely, no problem! So negotiations have been proceeding according to plan, I got the inspection done within three days of signing the purchase and sales agreement. Following social distancing guidelines has influenced both the initial viewing, and inspection (which ended up doubling as a viewing of another floor). In general, agents are trying to limit the amount of time in a property, as are inspectors (though the guys at HomePros were still extremely thorough with me!). Gloves, masks, as you'd expect. I've been very proactive on communicating with my agent and lender, so haven't had too much trouble there, but I know some things could have been handled faster given face to face meetings. I am going through an FHA loan partnered with Rhode Island Housing, so I expected it to take a while, but i got news yesterday that the appraisal was just performed, just waiting on the report. Not sure exactly HOW that was performed, whether drive-by or in person... I hope to find out. I think some of my lending has been pushed through speedily, just because I've been quick on getting what they need, and they know my mother from one of the local law offices. Hopefully I will have more updates/be in the property within a couple more weeks *fingers crossed*.

@Nolan M. I was waiting and hoping somebody would suggest this! It was definitely one of the game plans that I've been mulling over. I think if all else fails and I can't amend the situation before I close on the property, I may try this after assessing the tenant's financial health and making a judgement call based on our interactions whether they would be reasonable about that.

Thanks all for the responses. I'm thinking an estoppel is my best bet, but also saving face with the current tenants to hopefully have some income on the place during at least month one and two. Once the rest of the rooms are rented out, I was considering the cash for keys strategy. Just exploring some worst case scenarios to keep Murphy happy here.... @Matt Romano

@Anthony Thompson @Frank Patalano Thank you both - I think we may both be using the same attorney at closing, which hopefully will come in handy. A signed and notarized statement presented by the attorney sounds like a good plan. I'm also planning to meet and verify with the tenant ASAP. Thanks for the solid information 👍

@Anthony Thompson great information as usual! Thanks. Yeah I suppose I'm just exploring my options here. I thought the chances of collecting a security deposit were close to none, especially right now, but wanted to see if there were a strategic way to do this if I tried to get them on a longer lease in say, September. Documenting the state of the property when I acquire it seems like the best approach and just dealing with any damages that happen beyond that when it comes time.

Can an Estoppel Certificate be requested at any point before closing, even after the P&S with an addendum have been signed? I see that I should have opened this conversation earlier...

So I am closing on a multi-family at the beginning of June and the place comes with an inherited tenant. Here are the facts:

- Elmhurst neighborhood of Providence, Rhode Island.... I will be house hacking and it is sort of a "BRRRR - key" investment. Needs some work.

- MLS originally listed $1200 MTM w/lease

- At time of P&S, listing said $1200 MTM no lease

- There is no security deposit

- The unit was already pretty beat up, but some damage is evidently from the tenant (ie: their kid beat up the baseboard pretty badly crashing into it on his tricycle MANY times all around the living room)

- Per contingencies, I received a statement from the current owner stating he receives $1275/month and includes internet & water

- Also he is verifying this income per another contingency he agreed to

I am opening this to discussion because I'd like to hear some opinions of my game plan for handling the unit:

- I'd like to have an introduction with the tenant and see about getting them on a short-term lease (ending right before school starts up, just in case)

- I don't want to increase rent, if anything I'd lower it and no longer include internet (maybe)

- I'd like to acquire a security deposit, but not sure how to go about this without tainting the relationship with the tenant, and considering the pandemic, don't want to ask for MORE money right now

- Can I even hold the tenant responsible for any damage that was evidently caused by them if I'm inheriting the property in it's current condition (after the damage was done)?

Thank you and I'm excited to here any constructive thoughts the BP community may have!