All Forum Posts by: Nancy DeSocio

Wow, congratulations!  

I agree with @Robert Biggerstaff about Brandon Turner's book.  It's a great place to start understanding systems and thinking through how you want to run your business.  However, the best (and sometimes frustrating) education will happen when you own the property.  

I use Google voice for phone and have been happy with it in general.  One of my lease additions is a lock-out clause noting what the fee is if they get locked out and call you to let them in (especially if you're driving 45 minutes to get there).  

Good luck on your journey!  

Hi @Nicholas Bolcon,

Congratulations! (or fingers-crossed almost congratulations!)

Our application indicates that "Credit, Employment, and Background Checks will be performed" but leave it at that.  As noted above, it doesn't always paint the full picture, but at least it lets prospective applicants know that you will check and those who have concerns about their credit might bring it to your attention with reasons, and you can then have those conversations.  

That said, I personally look for a score of 600+ and have not had any problems getting good applicants with that criteria.  Our property is in Pawtucket (a comparable demographic to West Warwick). 

Good luck with the closing on Monday!

Hi Chandler,

We have two investment properties and have a few projects we'd like to tackle in 2019.  It would be great to connect with someone who has experience in the areas you noted in your post.    If you're at the next RIREIG meeting, I'l be sure to introduce myself and say hello!

Congratulations, Mike!  Being unsure of some of those details in advance (i.e. location, strategy, etc) hinders a lot of people, but you went for it .  And if you end up not loving that location and/or strategy, lesson learned and move onto your next success.  You're off to a great start with good things to come ahead!

Hi Ray,

Great question, and I'm curious to see how others will respond.  We have set up one account per property for easier tracking and organization with our bookkeeping.  Repairs for Property A are paid for with a check from Property A's account, mortgage is automatically deducted from Property A's account, rents from tenants in Property A go that account, etc.  We have found it helpful in tracking expenses (though I'm sure there are other ways to do that as well).  We use Bank of America only because we already had an account there, but I would imagine all banks have similar programs.  

Welcome aboard, @Chelsie Ritarossi!  It sounds like you're ready to move forward with your plan, so congrats on that!  If you and your partner are planning to self-manage and keep your full time jobs (for now), I'd stress the importance of proximity and convenience to your investment property.  We bought a property a month ago that's only 15 minutes away and also on our way home from work.  We didn't buy it for those reasons, but in hindsight, it's an important factor for us.  For a variety of reasons, we've been there 3-4 times per week over the last month, and I'd be miserable if I had to drive out of my way and far away to get to there.  You may have a higher tolerance for it, but with everything else you'll be doing to work on your investment business, the less time you spend in the car the better!

We currently have two MF properties (one in Johnston and one in Pawtucket), and I'd be happy to chat with you about it anytime.  Good luck on your journey!

@Tyler Chenault, I think it can be worth the cost depending on many factors, but we self-manage for the learning experience. We have no real estate background, so every phone call, reported issue, tenant screening, etc has added to our knowledge base. I don’t love it, but solving problems on our own gives us some pride that we can get things done. We manage 13 units, and I’ll hire a PM for our next purchase, as property management isn’t my passion, but it’s been a good experience so far. Good luck!

Thanks, everyone for the replies.  After all was said and done,  I went to post the notice on the tenant's door and found aother window that was tucked away in the hallway that allowed for access to the roof.  I appreciate everyone's input!

Thank you, @Kim Meredith Hampton and @Andrew B.!  You both gave me the great idea to check the local laws, and in RI, we need to provide 2 days notice.  The note on the door is a great idea so will do that, since it's not a true "emergency" and it covers me if there is a complaint filed against me about it.  Thank you both!

Hello BP community!

I recently purchased a MFR and have a leak in the roof. The easiest access to the flat roof is from one of my tenant's windows. However, the tenant has been in the hospital since before I bought the property. When I call him, the calls go directly to his voicemail, and his inbox is too full to leave a message. In this case, do I have the right to enter the property without permission so that the roofer can easily access the roof? I could ask the roofer to bring a long ladder (it's a 3-story building), but he can easily just step out onto the flat roof from a window. I inherited a lease that is 12 years old and has no language about the landlord entering the apartment. Not sure if this is a legal question for an attorney or a "common sense" question to do what I think is best. I'd appreciate any thoughts other property owners have on this...thanks!