All Forum Posts by: Nancy DeSocio

Congratulations @John Gentile!  

What a great start to your journey.  I'm finding that my "lessons learned" list just keeps growing, but the experience of actually doing this is rewarding.  I hope you'll find the same in the upcoming year...good luck!

Hi Sherwin,

Congratulations on your success thus far!  I'll chime in as the "tiny bit of experience" voice.  If the seminar is only a couple of hundred dollars, it may be worth it just to network and spend a day surrounded by a topic that you enjoy...nothing wrong with that.  For anything more than that, personally, I would hire a local coach who knows my market (if you're looking to buy local).   I haven't pulled the trigger on that yet, but I'd consider spending thousands on that over the programs that sweep through town today and forget about you tomorrow.

I agree with the others that our local group is fantastic, and you'll leave hoping that the month goes by fast to get to the next one :)  Also a good sign that you're loving what you do...and that's pretty fantastic.  Hope to meet you at the next one!

Good luck on your journey!

Welcome, @Mathew Ajiboye! 

If you're new to RE, then I'd suggest spending a significant amount of time educating yourself.  In addition to reading books and listening to podcasts, I'd highly recommend attending the free Webinars on this site.  The learning portion of your journey will never end, but it's essential to learn the fundamental basics before diving into this business.  It's exciting once you know what you're getting into...and potentially a huge disappointment if you don't.  Start networking with others who have been doing this for a year or so, as they were in your shoes just a short time ago and can relate to where you are at this point in your RE endeavor.

Good luck on your journey!

There are probably several schools of thought on this, but I'm in favor of Nathan's approach.  We live in a culture of convenience (and laziness)....tenants don't want to pay more bills (as much as you don't).  This might also be location specific.  In my area, nearly all rents include sewer and water, so being the landlord that charges an extra fee for those items will turn off prospective applicants to the property.  Check out apartment listings in your area and see how other owner's handle this in your market.  

Good luck on your journey!

Hi @Michael Raposo,

Congratulations on your upcoming purchase!

I don't know the laws in MA, but I'm in the neighboring state so will just add my two cents.  The first suggestion I would make is to find out how those two things are handled now with the existing owner...not because that's exactly what you'll do but because it gives you an insight as to the current situation.  That way if/when you make any changes, you know what the tenants are used to and what you'll need to communicate to them.

We have a 4-unit, and the tenants are responsible for taking out the garbage and recycle bins.  We are fortunate to have a tenant who is a stay-at-home mom, and she takes care of this for all of the tenants every week, but when she leaves someday (hopefully never!), I would put the responsibility on the tenants to each take out their own bins and put them back in place. 

We hired someone for the snow removal, but we left the tenants shovels and a bucket of salt for when they need it.  Personally, I wouldn't want to put any snow clearing responsibility on tenants.  The liability is too high for my risk tolerance.

Good luck on your journey!

Hey Jesse!

I've only been in our local REIA for about a year (RIREIG...you can google it to see a sample agenda for the next meeting), but it's been around for a long time. It's somewhat formal in nature as far as how it's run, but it's a well-oiled machine. The general agenda is typically:

Hour 1: Beginners Session
Hour 2: Educational Session 
Hour 3: Networking

The first two hours are educational, and that's the value I was looking for when first joining the group.  Now that I understand the importance of networking, the third hour has proven to be just as valuable!  

One of the advantages of Rhode Island is that we're so small, and because this is the only RIEA in the whole state (as far as I'm aware), we have a diverse group of real estate professionals at the meetings (investors, hard money lenders, accountants, contractors, realtors, home inspectors, etc).  

I think I only answered questions 1, 2 and 4, but those are my initial thoughts.

Good luck getting your group up and running.  Looking forward to hearing about your success by next Tuesday :)

I'd agree that Brandon Turner's book "The Book on Managing Rental Properties" is excellent.  I read it a year ago when purchasing our first property and still use it today as a reference.

Hi @Michael Raposo,

New England winters are brutal (and so is that electric bill).  Is the electric baseboard in all 4 units?  I've seen a few properties where the top floor was electric baseboard but not the others (due to units being converted, etc), and I would consider that (as heat rises up to those levels and they don't need to keep the heat as high).  But if it was all four units, I would pass on it, and that's just a personal preference.  Experienced renters will understand the impact of electric heat.  You could also reach out to the seller to find out why he installed it that way and ask if he's had issues renting it.  You may not get an honest answer ('Yes, fully occupied 365 a year every year!"), but it's worth a try. 

Good luck on your journey!

Hi @Mary Jay,

I'm still a small-time landlord (two properties), and I have found Excel to be manageable (though I haven't used the other programs folks on this thread have suggested and not implying that my way is better).  However, the one tip I would share is to ask your accountant if he/she has a preferred format.  Ours sent us an Excel file in the format he uses, so it was already set up for me, and I know it's organized in a way that he's familiar with when tax season rolls around...which is basically now :)  

Good luck on your journey!

Hi @Michael Weisman,

I'm not ready to drive quite that far for a meetup, but I think this is a brilliant idea (and generous of you to offer to host it).  Reading and listening to podcasts about this subject is one thing, but seeing in action would be incredibly helpful to other investors.  Way to think outside the box for a networking event!