Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Patrick Collins

Patrick Collins has started 0 posts and replied 20 times.

Post: Worth buying for a flip?

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

@Charlie DiLisio @Brian H. I'm kind of assuming, but the way I read the post is would it be worth it to purchase the broken stove and get it repaired to put it in a flip. I personally have never fixed a broken electric stove top but in conversations with others I believe it is relatively inexpensive ($200ish) in which case you're coming out on top. Might also want to figure out if you are at the mercy of someone else the timing of the whole ordeal and the pros and cons of waiting.

Post: Is it him or is it me?

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

I agree with @JD Martin in my part of the country  the difference between a mid-march move in and a May 1st move in could be anywhere in between 5-10% of rent. Far less people looking means more sporadic showings, more second guessing of rent, more second guessing of finishes/renovation level, in general just a lot more effort. He also may be seeking a higher number after the next turnover and his best chances for that are likely in the Summer market. In general I try not to think for other people in this business though, I only know what I'm thinking.

If it were me I would make the effort to rent it in the interim with the understanding on your part that you may be responsible for the remainder of the lease.  

How did you learn about the divorce and living agreement? Has the sellers agent proposed an addendum to you?

Post: Potential first deal isn't a homerun, but should get me on base!

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

What is the scope of work for the 20k rehab?

Post: Downtown Boston Meet Up

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

Depending on date and time I would love to attend.

Post: Tenant Rights California: No Hot Water

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

This thread has been quite the interesting read. I'm sorry for this tenants situation. As far as case law I don't know who is technically in the right/in the wrong, I am not a lawyer in the state of CA (or any state) although it does seem one has chimed in. I don't think your LL is a horrible person because the gas wasn't connected upon signing the lease. I do think he should have been aware of the situation and informed you and let you make an educated decision as to how to proceed prior to taking occupancy, but that is neither here nor there as this is now the situation you are in. He seemed responsive and helpful in trying to help you mitigate the situation (aside from the touch the meter comment). I don't think he is maliciously trying to cause you a hardship given the details you have provided. You seem quite adamant about bringing some sort of suit over 11 days of residing in the apartment without gas. If I were your landlord I would gladly let you break your lease and move out. Regardless of case law and who is right, speak to this person like another human being if you are hoping for any sort of compensation for you and your landlords oversight. If you were to send me an email/letter stating specific cases and citing specific legal documents I would simply forward them to my lawyer and ask that all correspondence about the issue be communicated with him going forward. If you were to call me and discuss your frustrations and suggest what would make you feel better about everything I would be much more likely to play ball. In general I don't want a tense relationship with my tenants, I'm here to help, but I appreciate the same mentality from my tenants. It seems as if you are determined to make it the contrary, to which I would chalk it up as a long year for both you and I.

Post: SSI Disability Income

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

Hello Rich, Nice to see another guy from Salem! I grew up there. Yes you can ask the applicant for verification of the SSI Disability income. If they are filling out an application their annual salary should match the estimated amount of the SSI ytd assuming they have no other income streams. In terms of qualifying they should just have to meet your standard guidelines as far qualifying, whatever those might be (3X annual rent, credit score of XXX). What you cannot do is ask what the said disability is.

Disclaimer: I'm not a lawyer and this is not intended to be legal advice.

I second @Ann Bellamy, I personally know the second in command at Crime and Death Scene Cleaning in Ipswich. Honest people who operate in a touchy business. I believe they will travel to your location. Luckily I have never had to use them but I would definitely call them if I had to.

Post: WHY CAN'T CONTRACTORS JUST DO WHAT THEY SAY THEY WILL DO????

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

My last househack I gained many grey hairs. At the moment I was househacking/BRRR a two family and purchased the new MF property ready to get started all over again. I had the necessary contractors walk the house with me prior to closing and had everything lined up ready to go with contracts and timelines at the time of closing. I had a lease signed on the unit I was living in in property #1. I had very detailed directions for the contractor that I HAD to move into the first floor unit by May 1 after closing on the 14th of April. This was a bit of an inconvenience for him as I was going to have the bathrooms done on both the first and second floor. I didn't care which he did first I just needed to know that I would have one functioning bathroom in the building upon occupancy. Day one of the job he outsourced demo and boom no more kitchens or bathrooms. Reach out to him and tell him I don't really care about not having a kitchen for a bit but will for sure need him to complete a bathroom prior to 5.1. Welp he informs me that he had to personally pay the demo guys and was short on being able to pay his guys now and would need more money in order to get going..."how much?"-"2 grand" promises the bathroom will be completed in time and the rest of the project will be completed upon our suggested timelines. I go ahead and roll the dice and give him the money. Doesn't show up for the next few days...call to complain, blah blah blah I'll be there next week. Long story a little bit shorter, to this day I've never seen the man again. At the ripe age of 27 with roughly 1.3 million in housing attached to my name I'm moving back in with mom haha. I look at it as a blessing now, I was able to find a good contractor to finish the job (my timeline was delayed about three months) without the stress of having to be in on such a tight schedule I did a lot more of the work I was hoping to defer. Silver lining - I paid a few grand to find a great contractor, a rock solid plumber and an awesome painter/plasterer. One day once the business has scaled a bit more I think I'll consider it money well spent.

Post: Most Guilty Pleasure you've Bought with Real Estate Profits

Patrick CollinsPosted
  • Real Estate Agent
  • Stoneham, MA
  • Posts 20
  • Votes 26

I enjoy fishing in my free time. I purchased a small used center console boat. In the entrepreneurial spirit however my boat is a 1981 and needed lots deferred maintenance/upgrading. Purchased for $3,200 cash and have received many offers in the 7-8k range now that I have it fixed up.