All Forum Posts by: Sherwin Vargas

Looking for recomendations for a heating system from a 3rd floor apartment. No prior heating system, there is a gas line that passes through the attic. 

Was told forced hot air unit in attic could be most cost effective option. 

Hava called a few companies some dont answer back and others quoting 10k plus. Willing to consider baseboard just looking for cheapest option for rental. 

 House is located in providence. 

Thank you

yes i did look up that real estate group and seen the next one isn't for a month. Just missed it

Will definately be attending. I looked it up in decenber but wanted to get acclimated to the city and dealing with awful contractors in the recent renovation. 

As for the guru i will not be buying anything. Last one i went to the guy was just great and taught alot to everyone there. Even said it is better to take the money for the seminar and buy a house with it but if your uncomfortable taking that risk then do the seminar haha. 

He just had great hints for when i had 0 experience under my belt and was wondering if now that i have a tiny bit of experience if it was worth going. 

Thank you guys

Guru workshops coming to providence rhode island, I went to the flip this house workshop in rhode island in 2015 or 2016 and it was a lot of great information and honestly was worth my free time for the first meet up and 200 dollars for the weekend discussions. I never paid the 30k plus for the intensive course and never will but it really fired me up and helped me tremendously in exponentially building my credit. 

Just wondering if anyone with properties is planning on going or what you guys think. i truly enjoyed it and now want to hear information now that I have 2 properties and a sale under my belt. I am also a financial advisor, so figured it would be a great networking event in a topic I am passionate about. 

@Mike McCarthy how has that worked? do you feel it makes a different or only a different the month they receive that credit. 

my first floor tenants have had the heat constantly 75-80 since they did not pay heat at their last apartment. they installed the plastic wrap around the windows themselves. I was thinking of offering to pay some of their first month heat bill since I know it is going to come in extremely high. 

sorry i think some misunderstandings i will clarify a few things. 

Apartments are about 1000 sq ft and 3 bed 1 bath. 

Also not looking to sell the building just renovate and rent apartment. 

We paid 250k for a 3 family 3 bed 1 bath each floor. Definately expensive but i also moved to one floor because i moved back to providence from rhode island. 

With 2 floors rented (me and tenant). Cashflow -300 a month all bills and utilities. 3rd floor once renovated will bring in the positive cashflow. 

My question is would old windows in living room and bedrooms hurt rental prices. 

And yes all rooms and livingroom horse hair. Bedrooms in good condition living room not the worse i have seen 

I know it has been asked before but i was hoping to hear from local people in Rhode Island -providence area. 

I like to give general information because i know I would be interested. Question at bottom 

Currently renovating a 3 family we bought back in Sept/Oct. Bought appliances for all floors. 

We did the minimal on first to get rental($2300). 

Did some small upgrades on second(laminate floors, paint, and bottom kitchen cabinets, counter  $5000). Completely redoing 3rd floor 

3rd floor needs everything complete gut. Kitchen bathroom dining room. Heating system floors. 

We are almost 20k in, atleast another 8k will be spent. We are out of money with that final 8k. we only expected to spend 15 to 18k. We didnt know the extent of the rehab as its our first and didnt research much. 

 My question is since half of the apartment is being renovated should we put up new walls in the bedrooms and living room and replace the windows (10) and insulate those walls if it will all be going on credit cards. Estimated cost 5-6k we will be doing alot of work our self and our contractor will replace windows since hes doing all the other work for 50 dollars each. 

Is it worth it for a rental. The windows are wooden single pane original windows. The bedroom walls in decent shape. Living room walls look very lumpy.

Silver springs area comps dont seem too high looks like we could get 1200 to 1300 

sorry for not answering,

thank you for your input already talked to the team, going to talk to our lawyer soon to draft some documents 

all of our properties have 3 partners (me and my two brothers). We make less but also invest less and also helps keep us grounded with plans. 

 we are thinking of having my fiance apply for financing with me and one of the brothers as a partner. She would get approved she has similar income as my brother who just got closed on a 3 family. We could be risking not having ownership of the house in the future but she also has 2 children with me so I would have her keep the multi if we split up anyways...... is this a bad idea?

It would be me my brother and her as partners so one brother(just bought a single family ) would be left out.  Me and my brothers agreed that if we split up and she kept the house we would manage it for her (make a Little money) but also I would fund the next 3 family on my own and they would be partners. 

Or should we go about it another way? weve been together 5 years and have 2 children but one never knows what could happen. 

we are just trying to get as many 3 families as possible for now and hopefully be able to have 1 or 2 of our wives not have to work full time then save up and try a flip or two with an 'expert' investor friend we have.

I try to avoid it for the reason anthony stated. I only have 6 units so alot easier to avoid. The one person ive had has been living in that unit for 5+ years and havnt given me problems in the time ive owned it (2 years). 

I was going to raise her rent but she wants to move to second floor from the first. Well see how difficult they make that for me! 

For my section 8er in the pawtucket area they had a guideline for applicable rents based on beedrooms. I believe they went up this past august or maybe last august i dont remember when i went but she pretty much told me that written notice would have to be given to both tenant and pawtucket housing authority and also i would need to explain why i wanted to raise the rent to the housing authority not the tenant. 

My tenant lives in a 2 bed 1 bath and i believe i could charge up to 850 based on my area when i last checked so a 4 bed 2 bath should be much much more