All Forum Posts by: Nancy DeSocio

Hi @Nikki Beall,

For us, it was a matter of getting to the point where we understood the basic fundamentals of investing (from books, podcasts, etc) and had realistic expectations of what we were getting into (the good, the bad, the ugly).  Once we had our first property is when the practical learning really began (and continues...the learning never ends).  Good luck on your journey!

Hi @Oliver Hellested, welcome to BP!  

There are a few "locals" on here, though I've learned from so many others on the forums and podcasts as well.  It sounds like you have a solid plan to build your portfolio, and I'm sure your experience with property management has been a great asset to your investing career.  Some of us are just learning the hard way :)  Congrats on your recent purchases and good luck on your journey!

Hi @Marianna Osipenko,

It sounds like you have a pretty good idea of what you want, which is a great start!  I can share my experience as someone who started small (4-unit) and recently went a bit larger (9-unit).  I can understand why your mentor would guide you in that direction, especially if you are self-managing.  When you double or triple in size, you are doubling and tripling the number of tenants, and therefore, the number of issues that arise.  It can be overwhelming for some people, and testing out the waters with a smaller property has helped me figure things out along the way...but at a relatively slower pace, since I was only managing a small building and 4 tenants.  However, for the reasons you noted, going bigger right up front has it's advantages, and if you're willing to take it on and set your expectations accordingly, you can definitely do it!  Good luck on your journey!

@Brett Prescott, congratulations on your purchase!  The learning experience you will get being a landlord will be worth it's weight in gold for your next property, and the next, etc.  I'm local to the area as well and willing to chat RE anytime.  Good luck with your investing journey!

RI doesn’t usually rank high on any positive lists, so this is nice to read :) Thanks for posting!

Hi @Nate Stitchell, being motivated to get started and learn is a great beginning to your RE career!  In addition to what you've been doing, I agree with Anthony about attending the RIREIG meetings for local networking.  I've been attending those for almost a year, and there is a wealth of knowledge and information at those meetings.  Good luck on your journey!

Hi @Michael Turner,  it's not too late to get started, but replacing your current income will take some time (though definitely achievable).  Good luck on your journey!

Thank you, @Peter M.!  Using Google voice with the cut/paste is the approach I take now, and it not a big task.  We're in the process of purchasing a 9-unit property, so I'm trying to think through how all of these little things get multiplied as our business grows.  Great to get different ideas from everyone!

@Mike Cumbie, posting the notice is a great idea, and I'll probably apply that practice if I'm going by the property anyway.  Thanks!

@Jeremy Marek, you're absolutely right in that it was a bit of over-analysis on a small task, but for me it's also part of the education process as an inexperienced investor learning from others and how they handle the day-to-day operations.  I don't want to get caught making too many rookie mistakes :)

Thank you @Kyle J. and @John Underwood!

It's a 4-unit property, and I'm leaning towards letting them know as a courtesy (but would probably treat it a bit differently if a larger property if they aren't impacted).  Also, one of the tenants is the one that notified me of the chimney leak into the stairwell, so letting them know we took action right away helps build the relationship with them so they know we care about the property.  Thanks for your feedback!

Hello fellow landlords!

I'm having some work done to the chimney of my property later this week and wanted to poll this group as to whether or not this is something I should notify the tenants about.  I'm still learning to balance how often I should contact the tenants and in which situations.  For this job, the contractor does not need to enter the building, and there will be no disruption to the utilities, etc.  But is it just common courtesy to inform them that the work is being done?

Subsequent question: For anyone who does receommend notifying the tenants, how do you typically do this?  Call or text each one individually?  I've been using texts for little "fyi" type of things, but it's an administrative hassle doing this for every tenant (but maybe is just par for the course?).    Thanks in advance for any feedback you have!