All Forum Posts by: Jiva Segaran

Here in Massachusetts,  we are seeing the same issue with multi family properties,  very little inventory and with the rates so low, bidding wars on mls properties. I have had luck getting some for my clients on mls as long as the numbers work for them, I just have to be aggresive for them. I also have been finding off market properties for myself , my clients and other investors. Door knocking,  letters and phone calls, need to hustle more than ever. The good news is the portfolio we currently have as grown in value and we are able to pull out equity to buy more properties!

Quick follow up to this project as it has been a year since I purchased it. I have raised the rental income with new leases and improvements, lowered the costs of the building by improving insulation and efficiency of the heating, water heaters, water/sewer and electrical. Thereby I have increased the value of the asset and am now doing a cash out refinance with a now lower rate with a local bank allowing me the funds to purchase the next one. Sort of a BRRRR. Gotta love real estate. Go get em BP!

Omg, had to post the update, I went to collect the rent and turns out the tenant had needed the $ to go to the casino because she "needed to screw".  She went the next day anyway.  I didnt want to hear details. Just thought yall could use a chuckle with this update.  Never a dull moment, but I love this real estate business. 

@joe edwards  That is the first thing that went through my head, oh so this is going to be a regular thing. I was just so thrown off guard .

@theresa harris - Excellent reply! lol

@Jonathan R McLaughlin - thats my new go to reply. love it

@Account Closed Yes, I do not like to get into tenants business because we all know they all have stories, and while some are true, many are distorted.  And I don't giving explanations, or lying.  Just keep it simple and "Oh, I'm sorry, I'm not in a position to do that" .

Searching for a large multifamily to purchase now to get this 2021 off crackin! Lets go BP! ALoha

SHe said the previous landlord used to front her money several times because she was good for it. She needed $500 to do something but her ss check wouldnt clear till tomorrow. She would write the check to repay along with the rent money which I can cash the next day.  Never a dull moment in the world of landlording.  Would anyone do it to help a tenant out for one day?  Happy New Year!

ALoha BP! I am renewing a previously annual lease that a tenant wants to do month to month. Just wondering if its better to put the clause: "This lease will renew each month unless 30 days written notice" or "Will become Tenant at Will "   . Mass is a very tenant friendly state. Thanks!!

@JR T. , I know its been a while, but how did you end up making out with this? I have a bunch of units that I am about to swap out the toilets and had the same concerns as you. Much appreciated. Aloha!

@Christian Haley this means that the rate and loan is only good for 3 years.  I will have to refinance before that but I will have the leases, expenses, and with it being more profitable , will have more appraised value so it will be easier to get a better commercial loan from a bank, this being my first.

@Jill F. @Max T. and @Steve K. thank you for the recommendation. This is a coin opp laundry room and after doing the math , I dont think was even breaking even after water/electric .  I have other rentals in the area that dont have laundry and it is pretty common for the area. Laundromat is within walking distance but I do see the benefit of retaining good tenants so I will play it by ear.  Ill look into high efficiency machines maybe when these break, and then maybe increase the coin opp cost to market.  I do love taking my kids to empty the machines when we check on the property.  Teaching them is priceless.

@Damian Bialonczyk thank you sir! Its truly exciting.  Just closed on a 3 unit which Im currently converting to 4 unit and bought 100k under appraisal so have some equity. After renovating the units and getting rented to market rent, planning on getting some sort of Heloc and keep. Or maybe cash out refi.