All Forum Posts by: Nicholas D.

Hello all,

I am looking for recommendations on some General Contractors that complete interior renovations/as well as exterior as I have some units that are going to require an overhaul and would like to get some bids on my scope of work. Looking for recommendations for insured, licensed GCs that any members have used or have experience with who complete work in the southeast area of MA.

Thank you for your help!

@Colin Kelly-Rand Sometimes just have to put the beacon to the sky!

I sent you a PM thanks for the reply

Hello all,

I have been slowly investing in small multi-family rentals while holding my full time job. This past 18 months I have been focused on positioning myself financially and expanding my portfolio. I am now looking for some larger deals and specific criteria in properties to grow. Looking to network with some commercial brokers that conduct business in eastern Massachusetts south of Boston.

@Andrew Freed ah I see, either way Congrats on the big contract and doubling the portfolio!

Also enjoyed listening to the Podcast, its refreshing seeing/hearing people talk about properties that we typically see in our area....small multifamily early 20th century balloon-frame builds.

@Andrew Freed

Congratulations! By chance is this portfolio located in the Southeast Southcoast portion of MA?

@Bernadeau C.

I am interested in this hybrid option and have been trying to play around with strategies myself. I am curious if you ended up going this route and if so have you had any luck or increased your efficiency of management?

@Leonard Leon I typically use a 1 year Lease upon initial signing with a new tenant. I have a more thorough and hands on pre-screen/screening process than what I find most PM companies use. I want to keep the turn over down for at least the first year and recoup Any vacancy money or turn over cost I may have gone through. After this one year I typically give them an option of Month to Month and TAW and have a price difference. My tenants have now become prepared for this on the year anniversaries and also I have gotten better on listing and marketing and trying to fast-track that so that when ultimately they do decide they are going to leave I am aware in advance and I can get the unit filled with little to no gap. You can wait till the lease expires and draft up a new notice and ask which they would prefer.

Just some different options to think about and that may benefit you.

@Kaiden Swainamer well you’ve started in the right place for networking. Also try this link for more of your own backyard http://gnbla.org/ there are quite a bit of landlords in New Bedford, in theory your neighbors most likely are as your immediate surroundings are more than likely multi family properties. Boots on the ground and starting conversations is a good start. 

@Kaiden Swainamer as the above members have mentioned your best bet is looking at the disclosure. I know from speaking to my lender there have been different options in the past where you "pay down 20% of the loan etc" others have been so generous to go off the "appraisal" used for the original underwriting, although this seems to be much rarer. Did your appraisal come back with a lot of equity in your property?  I'm sure you were locked in at a better rate at closing than current conditions, but with cost analysis there is always the option to refi if the value/equity is there compared to your principal balance. I would start with speaking to your lender or mortgage broker that you worked with.

Good Luck!