All Forum Posts by: Richard Moreno

Hello BP!

I have a 3 family in a nice area close to Brown University in Providence RI. Most rentals include laundry in there units or coin operated in basement, and as of now I have not done anything in regards to laundry and my current tenants aren't pleased. I currently am renting out the 3rd floor and one of the big questions is if I have a laundry. 

I would like to use my utility room in the basement to add 2 sets of coin operated machines , but my issue is that where am I going to get the hot water from? All utilities are separate for the tenants except water. The only thing I have is the separate common electric that I am responsible for. If I add the machines to one of the units water tank than I would have to pay for that units gas bill. Or do I have to add a hot water tank just for the laundry? Not sure what most people do in this situation..

Or I can just add the hookups for each unit and run the electric from my common area panel and run the hot water right from the units hot water tank. And I can charge them an extra $50 for the electric and water usage? would this be my better option.

For the 1st floor I might just add the hookup  in the unit, because I have easy access to the basement and the unit has space for a stackable unit.

Hello BP,

I am having issues with my property in Providence! It's a 3 family  in the Mt. Hope area which is a nice neighborhood. 1st floor I have it rented to my daughter. 3rd floor I have some tenants that came with the house when I bought it, I'm actually trying to evict them for non payment, but that story is for another time. My issue is with the 2nd floor unit, which by the way I spent all summer renovating it.  I thought I was going to get it rented quick but it took longer than expected  so finally this month I got it rented to a woman and her husband and 2 kids. Not even a week went by and the husband is hanging around outside drinking with his buddies, and they put all this stuff in the basement without permission!2days ago the husband decides to hit his wife ( my daughter could hear the whole thing! ) Then someone that was there started beating up the husband, well deserved !  My daughter calls the police and they arrest the husband. 

But now I dont know what to do? the husband is back home and I honestly want them out ! can I evict them ? its not even a month and I'm dealing with all kind of S***. I haven't even seen if there was damage to the unit ( that I gave to them brand new ).

Do any of you Providence investors know a good  lawyer that will handle my eviction?

The lawyer I have was going to handle my eviction but has not returned any of my call or emails!

So I guess its time to find another lawyer!

Thank you everyone for the advice!  I did post on that GSA site  @Colleen F. and I posted on the Brown University site, that cost me $60. I think I'm going with short term renters, and I'll offer furnished or non furnished, if they need it furnished I'll go to IKEA and pick up some stuff. I can do 2 rooms like that and if there ok with me using 1 room for Airbnb, just to get a feel for it than I'll do that too.

And @Anthony Markey, your right I did miss the window in the beginning of September.

 Has anyone posted on Facebook ? I tried that and I got a lot of request ! but every one of them I got a bad feeling, well I look them up on FB and there is no way I will let them stay in my place !

Hello BP !

I have a 3 family in East side Providence, RI close to Brown University.

Layout of the units; 3 bedrooms in each unit

I have my daughter and her boyfriend living on the first floor,

 I totaly renovated the second floor which is the unit I am having issues with

And the 3rd floor,, I am trying to evict the tenants there for non payment.. story for another post..

So I'm not sure what to do on the 2nd floor , It's perfect for a small family but the only issue is that you can hear a pin drop on the floor! you can hear every footstep ! and that concerns me. I know I cant discriminate but I just can't have kids there ! I'll be hearing complaints every day.

So I kinda decided to either rent to students which would be great, but so far nothing :(  , or do short term rentals for each bedroom. 

Or rent one bedroom to a student and the other 2 to airbnb guests . See im not sure what to do, because I'm getting calls to rent out bedrooms but then I have the issue of what if they dont get along or maybe they dont want Airbnb guest to share there space ( kitchen, bath, living room ). 

I would like it if someone that is doing Airbnb in that area could contact me and share their experience with me. 

Thank You,

Hi @Michael S., I need the access code for the bonus material too.

Great book by the way !

@Nick Watkins , one bank was a commercial lender and their the one that offered me just the purchase price of $30k ! I need more than that.   I will keep trying some more banks and credit unions. And 8% is typical for a private lender, but that's why I need to use someone else.

thx

I'm having issues with refinancing my property in Pittsburgh, I currently own 2 SF properties in Pittsburgh, I paid for them in cash in December.  I recently refinanced 1 house and it was with a private lender which only gave me 65% of appraised value and at 8%,, ouch. I needed my money back for a purchase of a 3 family in RI. The problems I am having is as follows

First the seasoning period, at least 6 months, ok I can wait till June, that's fine. next because I own it with an LLC ! I need 1 to 2 years rental history!! Nobody mentions this issue. So I would have to transfer it to my name, I don't want to do that! Some banks only want to do a loan off the purchase price, I only paid $30k for this house but it should be worth $120k, excuse me for getting a good deal!

These are the details: Bought the house in December, bank owned for $30k I spent about $23k for renovations. I have it leased for $950 a month. The house is located in Observatory hill, Pittsburgh, PA. I would say its worth around $110k to $120k ( that area is really hot right now! ) The house is under a LLC and I live in Boston. I would like 65-70% appraised value and 30 year fixed rate mortgage, my credit has dropped a little recently because of all my credit activities.

Any recommendations would be appreciated !                                                             

@Cary F. ,

I'll jump on the band wagon too, I need help with a Refi in Pittsburgh maybe your lender can help

thx

@Isiah Ferguson , I just completed my BRRRR and I am also paying a 8%interest which is high, but I did mine with a private lender because I could not find a bank that would refi my house without 6 month seasoning period, and I could not wait, I wanted my money out to put toward another property, and my credit was also not that great. If you could wait the 6 months, great , and you should get a better rate with the credit you have. My other BRRRR that I have will wait for the 6 months unless I can find a bank that would do it sooner.

good luck !

If you find a bank let me know