All Forum Posts by: Jonathan R McLaughlin

Agree with other suggestions. Think splashes of color, nifty brigh mailbox maybe...flowering perennial window boxes, if you were staging for sale maybe a small picnic table/chairs

@cisco hood I agree with @michelle b that the guy was thinking about the tax issue of selling after two years, especially given the context of the conversation you mentioned in your last post. Move before two years and it will be most likely be treated as an investment property to your disadvantage when you sell. bankers say the wrong thing all the time, too. And sometimes write them down wrong, etc. Its the docs that govern.

Hi Adam, just one caution on the property management side: JP is the happy valley of renting right now...valuations and rent are at all time highs, most renters are solvent (half would love to buy there is just too little inventory) and the more transient tenants love the neighborhood too and have an unusual investment in its quality of life with the festivals, green space etc. 

All this means you will never have an easier time property managing than you do right now with that triplex. You are quite likely to have a much more intensive experience....not trying to scare, just realistic.

Dorchester is huge, if it was its own city it would be the second biggest in the state, so can’t comment on the particular spot you have. 

Good luck!

@thomas s loves to put a bible like fury in his posts, it makes him feel good. I like to use a touchy freely mediator perspective, it makes me feel good. :) What I’d pay close attention to is the similarity of advice, if not of style. You have to draw boundaries and can’t succeed if you aren’t crystal clear on your priorities. And I believe conflict averse people tend to have more conflicts in real estate because they let other people draw those boundaries. Do what you have to do and don’t be a d—— about it. That’s all. At the end of the day the people you want to have a relationship with will respect that.

You can be a good neighbor, and even quite friendly, as long as you stand up clearly for your own interest and separate the two types of relationships. Yes, you have two relationships here, friendly neighbors and landlord :tenant. You can pursue both at the same time and then they have the choice to make based on your actions. For the circumstance you describe: I would gather some comps, and set aside a time to talk with them personally. Let them know it’s about the rental in advance. No one likes surprises and you want to define this as a business conversation. Show them market, let them know you have an obligation to your business to bring rents to market and tell them when u are doing it. DONT apologize! Tell them they have been great tenants and as you have gotten to know them as neighbors you have really appreciated how much they contribute to the neighborhood you both live in. As long as you don’t present them as concessions you could do things like 1) say you are planning to do it in 60 days but as a courtesy could extend that to 90 if that makes a difference (holidays etc) and 2) if YOU think an upgrade of something is warranted say you will be spending the first X of the increase on a new whatever. Again, for anything you do here don’t ask them, tell them. It’s not a trade off it is a courtesy you are presenting. Follow up the meeting with a friendly and clear letter restating the above. People respect strength and clarity, and that’s a better path to neighborly friendship than an apologetic approach. If they object (and remember they have a right to be upset and process a bit, let them ) they may Try to bargain, explain why they shouldn’t pay more or say they need to move. You can be completely understanding and sympathetic without changing your position. This is the landlord tenant part and don’t take it personally.

Yikes. Please realize these statements are easily manipulated and usually are manipulated. Assume revenue is over reported and expenses under reported $3107 for repairs? Absurdly low for an 18 unit building. Don't see any real turnover costs. Taxes will likely be reassessed with a higher purchase price.

excuse me, agree with @Mike Gansburg

Agreed with @aliz rao that this is looking like trouble. In terms of the ongoing conversation though, there is one point which might help: Someone who made a lot of money likely bought a different asset with higher risk, higher reward... You want to buy it as a post rehabbed building with a solid tenant pool that can be tweaked further. Less (theoretical) risk and less reward to this model, if still profitable. Its two different assets even though its the same building...two types of investing and two different jobs to make it work.

Oh and imagine a good lawyer on the other side of this when a child gets bitten, the tenants have no money and they come after you: 1) why didn't you evict when the neighbors told you they were afraid? It was an emotional support animal! Did they give you any documentation other than a certificate on the internet? They said they could get a doctors note. I see, did you ever confirm with the doctor what they wrote and that the patient was properly examined? And so on, and so on. You aren't making yourself safer by ignoring this.

There is such a thing as being "fake scrupulous" and it sounds like you are letting you fear dominate this. If it is indeed a "gray area" an aggressive approach and a good attorney will probably win. Make them prove what they are saying. This isn't hostile, its responsible. As you have said, if its legit you have no problem with it. If its legit they will be able to prove it. Believe it or not, the courts have seen every kind of scam and don't usually have a lot of sympathy for obvious scammers. But do just a little homework: where is this certificate from? A few minutes googling will likely provide the court some amusing evidence in your favor. Go after the certificate first, make them find the $50 doctor Photograph how the dogs are kept and treated. Maybe not in the statute but I guarantee it will be in the mind of the judge. Talk to the neighbors if they are afraid and document it. I could go on, but take the pitbull (see what I did there?) by the horns and take control. I'll reveal my bias and say anyone who legitimately needs the emotional support of three pitbulls should be in a mental hospital, but thats just me.