All Forum Posts by: Raymond Hill

@Anthony Thompson With the knob and tube situation is the major concern for me. I walked in originally being told by the seller that there is k/t wiring, but it is not active to now finding out most if not all are active according to the report. @Mike McCarthy Thank you for your insight and you both bring up very valid points. All the tenants are in the units at this time. I was thinking of possibly repairing each unit gradually. For instance, I can have the tenants stay in their respective units for a year and then start making repairs to the 3rd unit first and remove the k/t wiring from the attic and in the unit. Then eventually work my way down whenever there is turnover in the other two units. Thoughts? Or do you feel the k/t should be address immediately?

Hello BP Family,

I just got a home inspection for a 3 family property and found a few items that I want your advice on a property I just had a home inspection on in Woonsocket, RI.

1.) The seller was told that there is knob and tubing wiring and it is 99% inactive. Come to find out, the inspector stated that the knob and tube wiring throughout the property is 99% if not 100% active and needs a junction box and fix some of the splicing. 

2.) The 1st floor bathroom has significant water damage to the drywall in which I will need to put in a new bath fitter and repair any and all moisture damaged areas. 

3.) Install new gutters and downspouts around the house. 

Just to add context the property is fully rented 1st unit 2 bed 2 bath rent: 895 2nd unit 3 bed 1 bath rent: 995 3rd unit 3 bed 1 bath 720. The 3rd unit needs some cosmetics repairs, nothing immediate. Other 2 units are in good condition.

Thoughts?

Hello BP Family,

I am looking at trying to find a free criminal background check website. Anyone know of any? Please share. I am using it as part of the process of my tenant screening.

Hello BP Family,

I am curious to see where to get a sample of house rules for a small multifamily property? For instance, no smoking no pets etc. Does anyone know where I can find these documents. I am looking for great house rules/rental leases.

@Frank Patalano @Anthony Thompson I heard about the train station situation which is great. In particular is there any news on the abandoned middle school around the park place? I heard it is being converted into condos, but unable to find newspapers stories or docs on any official plans. Have you heard anything?

@Anthony Thompson Thanks for your input. In my case just getting started is the main objective. If the numbers make sense then I think I may submit an offer, live in the property for a few years and move on to the next house hack. In terms of Section 8 I will need to get more info on the requirements there and how to protect myself while striving for high rents. Any experience with Section 8 tenants in terms of getting high rents.

Hello BP Family,

I am looking at a couple of multi families off market this weekend. The numbers are pretty decent versus the higher priced multis in Providence County areas like Providence, Pawtucket, Cranston, etc. Anybody care to provide some insight on their investing experience. In particular the demand of rentals in the city and if it is a good start for a house hack situation.

Hello BiggerPockets family I wanted to know what everyone's experience has been in terms of long-distance investing in the Midwest. In particular, Detroit Michigan. I have an investor friend who is from there and is looking to invest in the 8 Mile, 7 mile, downtown area of Detroit Michigan.

he is looking to possibly do lease option offers for homeowners who are in pre-foreclosure. Wondering if anyone has any experience with this.

HELLO,

I WAS WONDERING IF THERE ARE ANY INVESTORS IN THE SPRINGFIELD, MA AREA. I AM LOOKING FOR PEOPLE TO CONNECT TO GATHER MORE INFO ON THIS AREA. IN ADDITION THE CHICOPEE AREA AS WELL. HAS ANYONE HAD ANY EXPERIENCE INVESTING IN THOSE AREAS, WOULD LOVE TO HEAR YOUR THOUGHTS IN TERMS OF NEIGHBORHOOD, PAST EXPERIENCES, ETC. 

RAY

Hello Everyone,

I am going to see a property in MA tomorrow and want to know the types of forms used to get the property under contract and the type contingency set in place to protect myself and give me some options to possibly purchase or wholesale to another investor.