All Forum Posts by: Joshua Tessier

It’s more a question of how do you introduce yourself to others outside of tenants. To say banks, town hall, investors, other professionals?

I am struggling to put a title on it. I currently own 13 units and hope to grow more after my current round of renovations are completed in 2021. I have one LLC and as I grow my question is what am I? Am I the CEO, the Owner, the Boss man, the Property Manager, the King, where the buck stops? What does everyone with a small portfolio introduce themselves as?

Any insight would be appreciated.

@Shane Cloutier I am doing exactly that on an 8 unit property right now. I am rewiring the entire building and taking it from a single meter to a ten meter socket. I am adding panels to each unit and electric heat for each. The cost of adding 8 boilers isn’t worth it for me. 7 units are studios or one bedrooms and the entire building will be insulated. To me it makes sense to add individual control to each unit and allows me to add heat into the bathrooms and small spaces that the boiler didn’t go to.

@Ben Leary

I own 12 units in Manchester with one in an LLC. Doing an LLC on your first property is worthless in my opinion. I'd push you to do two things first reach out to a mortgage broker. I can give you a few names just message me. Your credits great but you need more savings so work that. Get your income up so you can save more. Then abandon the two family. If you want to really get into real estate the money is in the number of units so look for a four unit property. These still qualify you for owner occupied mortgages and with 5% down mortgage on a $450,000 your talking $22,500. Use that as a goal. Find a way to save $20,000 and then your golden! You can get 3.5% percent loans but if you start at 5 you'll have a path no matter what.

a quick update but the kitchen is coming along nicely. Counter tops were measured and when completed this will set me up to have the last of the plumbing work wrapped up. The final plumbing for both bottom units will be ready!

You can see in these last few images some batch to batch variations in the cabinets. This one cabinet was left over from another cabinet order I had. It’s unfortunate but the color has either faded or the batch color between lots is way off. 

Starting to hit my stride again. I have a few big items open that are holding me up like finding an electrician. I have three guys. One who’s working on my other property but doesn’t have the bandwidth to take on my work in the timeline I want. The second is the original that doesn’t have the best work ethic and can’t schedule for his life and lastly a friend that I’d love to work with but again is so busy he can’t fit it in. 
min the meantime painting is ongoing but progressing 

Next up is kitchen cabinets. They came in a while ago and have been safely stored in my trailer. They came in a while ago and have been safely stored in my trailer. 

I moved them inside last week and began installing this week. We got the uppers up and the flooring installed. 

Next up is to get the gas line out and the base cabinets in. Then walls and trim painted. Carpets are scheduled for next week so it’s coming together but let’s left to do before it can be rented. 

@Gal Peretz

I look forward to it. I’m going to try and bring a friend who would gain a lot by learning more about what everyone does.

One step forward. All but one door is installed and I was able to roll the walls as my sprayer wasn’t working. I got the three bedrooms rolled but with working full time and the kids cutting in wasn’t gonna happen. 

Unfortunately I fell behind on paint flooring and trim. I had to reschedule carpet install and wanted two weeks but had to take 4 weeks.  

Next up will be painting trim and cutting in the walls and final coat on the walls. I’m searching for a new Electrican as the quality of work from the last one needed to change. I am have one working on my eight unit so kinda giving him a test drive. If it works I’ll bring him over here but I hate to pull him off work over there.

The trade off is this one is closer to wrapping up unfortunately pulling resources from that house to this house slows me down overall when having people jump around. 

I’ll pluck away at a few small things and crank out as much as I can while my kids are sleeping but hopefully next week I’ll have plank flooring installed and  the kitchen cabinets hung. My hope is after the holiday I’ll have painting, flooring, and cabinets done. Then I’ll just have carpet, counters, electrical and finish plumbing to wrap up and this ones ready to rent! My goal is 2020 the only outstanding item will be painting the exterior and were done!

Glad I’m not the only one that sees this taking forever!  I am moving tenants in as soon as units are completed or far enough along to get them occupied.  I have lead safe certificates for two units and both are occupied. I can’t finically wait till the entire buildings complete to begin occupying them.  Thankfully I have found two great tenants that have been willing to take a risk with me and I’ve ensured them that I’ll complete the building!  That means $2700 a month in rent with mortgage taxes and insurance of $1900 so that $800 in “profit” is going right into continuing to work on the house every month!  Once the last unit is done it will add another $1500 and then it’s $2300 a month going towards my 8 unit.  As those get renovated and occupied the stack keeps growing.  My goal as most of ours is to replace my W-2 income so let’s see how far and how long this takes  

More progress this week. While I’m back at work earning money to continue investing more progress is happening. 

siding work has started to attempt to get ready for paint. I closed up a window that was in a bathtub and resized a window that became the kitchen. Siding has been matched and is getting ready for paint. Will be nice to see it painted. 

Doors are going in and being hung. Drywall is on its final coat and finish electrical has finally begun. 

Goals for next week are to empty the unit clean up the floors in preparation  for carpet and flooring. New flooring should arrive middle of the week and the goal is upper cabinets and flooring. If all goes well next week will be a big turning point.