All Forum Posts by: Joe Rodriguez

I'm closing on my 2nd investment property this month and I'm looking into property management softwares. I've heard good things about Buildium. Is anyone currently using Buildium or any other online resources to receive rent, keep track of leases, etc.?

I'm looking into options for a new Real Estate leads management software. Something very basic, just enough to input client information and keep track of my leads. What are your recommendations?

@Steven Maldonado I agree with @Anthony Thompson and I'll also add my own personal experience with house hacking in Providence. I bought a 3 unit with FHA financing back in Jan 2019, did some renovations and added good tenants in there. With the value add and market, I was able to refi out of FHA to a conventional loan in Oct 2020 and now I'm closing on a 4 unit with FHA again.

I would see what you can do with the property to add value while continuing to save up over the next year. Keep an eye on the market and feel free to reach out to real estate agents every now and then to run comps.  

@Birch Norton I agree with a lot that @Dan Weber said. I would really take time to define your short term and long term goals. With options 2 & 3, are you ready to take on project, deal with contractors, etc? How involved do you want to be in this process?

Option 1: simplest exit strategy. Sell as is and re-invest.

Option 2: would you plan on selling after performing those upgrades? Or keep for the cash flow?

Option 3: Whole other ballgame. Again, my thoughts.. what do you currently do for work and do you have time for this commitment? Or are you looking for a project?

Hope that helps!

@Jack Feehan I like to start in the basement. That's where the money is. 

Here are questions I ask myself:

Heating system: what type, is it separated, how old are the units? 

Electrical: separate panels for each unit, updated wiring, space in the panel, panel size?

Plumbing: separate water heaters, what size, what year? These typically last 8-10 years.

Foundation & structure: what type? Concrete/ stone, etc. Are floor joists in good shape? Any additional support added overtime? Any settling? Slanted floors?

Roofing (gutters & siding): how old? how many layers? typical roof can last 15-20, even up to 30 years.

Everything else is cosmetic: kitchens, bathrooms, flooring, paint and drywall. 

Other items: parking, laundry, layout.

Hope that helps.  

Hi @Biruh Mezgebu congrats on being ready to purchase your first property! I started with a duplex in Malden back in 2015. I would suggest networking with local real estate agents, investors, and driving for dollars. With that said, with an FHA loan, it might be more difficult to find an off market deal as most of those sellers are looking for cash buyers or buyers with little to no contingencies. But that's not to say that it's not possible. Let me know if I can help with your search as I am very familiar with the areas you listed.

Merry Christmas and Happy New Year!

Some of my goals include:

Purchase my 2nd, 3rd, 4th and 5th investment properties. (closing on the 2nd in January)

Read 30 min daily

Meditate 30 min daily

10+ real estate sales (currently doing it part time until I transition to a full time investor & agent)

Connect with as many like-minded individuals as possible. 

@Joe Benson I would definitely be interested in this meetup. 

@Isaac D. Hey Isaac, I really like Providence. I currently have a 3 family on Federal Hill and will be closing on a 4 unit also on Federal Hill in the next month. Both will cashflow over $1000 monthly which has been my threshold. I'm looking into the East Side of Providence as well but prices are a bit higher but so are the rents and quality of tenants. Any questions on the Providence area, feel free to reach out!

Hey @Hussein Adan Glad to hear you and your brother are looking to get into Real Estate! I'm still learning new things everyday but I currently have a couple of properties in Providence and looking to purchase more. I'm also a licensed real estate agent, so I'd be more than happy to answer any questions that you may have. Best of luck and happy holidays!