All Forum Posts by: Joe Rinella

Hi everyone,

I'm wondering how other rental property owners handle snow removal in the winter in Massachusetts and other areas that get a lot of snow. With the amount of snow we got last year in Massachusetts, it seems that rental property owners would require having plows clean their rental properties multiple times a day on really bad days, and I would expect maintenance costs to go through the roof because of this.

Have you negotiated with snow removal companies to get good rates or do you have any other tips on dealing with snow removal? Is there an average rate to expect for snow removal per time they need to clean your lot? 

Unforeseen blizzards and high snow removal costs make it difficult to analyze deals effectively if you need to have a plow come by your property a couple times a day during a snow storm, multiple times a month if its really bad. I've heard that in these areas, investors make their money in the spring and summer months, and spend unused budget from spring and summer during the winter. However, if you end up spending all of your maintenance and repair budget in the summer, it seems there's a high chance of losing money or having negative cash flow in the winter.

Thanks,

-Joe

Hi everyone,

I'm currently looking for multifamily deals in Massachusetts. Ideal locations are (but not limited to), Leominster MA, Gardner MA, and Waltham MA. I prefer 3+ units, but will also consider duplexes if the cash flow looks good. 

I don't mind putting work into the property, but would prefer minor and cosmetic repairs or turnkey properties versus a gut rehab.

If you have any deals that meet this criteria, please reach out!

Thanks,

-Joe

Great, thank you everyone for your input! I've heard mixed things about Tiger so I'm glad you shared your view on Tiger @Rich N. and @Charlie MacPherson

Hi everyone,

I have an accepted offer on a property in Waltham MA. I'm wondering if anyone could refer me to a good home inspector for Waltham Massachusetts? This is my first time going through the home buying process so I want to make sure I get a good inspector who will perform the proper due diligence on the property before I move forward with the deal.

Thanks,

-Joe

@Ann Bellamy That's really good information to know, thank you for sharing that Ann. I have an appointment with a local CPA coming up but I'm planning to get a second opinion so I'll reach out to someone reputable and knowledgable outside of Mass as well.

@Rob Beland Thanks for the info Rob. I'll definitely be speaking with a CPA in Mass.

Thanks for the additional info Frank and Frank :) And @Kris Fox it's very encouraging to see such knowledgable people willing to help new investors. 

@Edward B. Thank you for all the detailed information, this really explains a lot! I'm glad to hear that as long as the property is deeded to the LLC, the LLC will be liable even if the mortgage is under my name.

Ok that's really good to know. I wasn't accounting for that much in costs for landscaping and snow removal especially. 

@Eric Dubrule Thanks for the info, I've been calculating 7% for vacancy, capex and repairs. The property was in great condition but I should calculate 10% just to be conservative like you said. I was figuring maintenance like snow removal and landscaping would fall into the 7-10% maintenance/repairs estimate. Do you think I should account for the landscaping and snow removal separately? Last Winter was a bad one.