All Forum Posts by: Jimmy Murray

@John Menton I have heard good things about Bay Coast Bank as well as Pawtucket Credit Union in the commercial arena in Massachusetts and Rhode Island

I'm sorry to hear you guys have had such poor luck with property managers. In my business we mark up pricing by 10% on repairs for the management of diagnosing the repair through an onsite visit getting the vendor to the property to complete the repair. Doubling or tripling a repair cost is crazy to even think of. I agree with all the comments above about communication. Communication is key in any real estate relationship.

Greg Dowdell sorry I missed you at the RIREIG meeting this month. Would love to catch up for coffee when you're available. Glad to see Anthony Thompson and Jesse Andrews also weighed in on this post. They are some other great investors in RI to connect with.

Glad to see Brian White and Anthony Thompson putting in a good word for Rhode Island. You guys beat me to it. I will also second what Gualter Amarelo had to say about Fall River. The tenant demand out there is through the roof. The last unit we listed was about $100 above market rates and we had 120 showings in the first week and 400+ unique leads. Needless to say we essentially had our pick of the litter for tenant placement.

We use Appfolio and it has been an amazing tool. From streamlining collecting rents to being able to wire owners their deposits directly free of charge has been huge. It also works well with other programs such as showmojo to streamline your showings, application and screening process.

You may be able to set up a system with your local bank. Some local banks can set up an escrow account where your tenants can deposit rent. They will each have a unique card to identify them when they make the deposit and it will streamline the collection process for you.

Hi Frank Salas I've actually been in your exact shoes. I bought my first 4-family in 2012 with an FHA product. Started generating Cashflow. Then decided I wanted to buy another. The market had turned around a bit by 2014 and I was able to refi into conventional paper. This allowed me to buy my second 4-family with only 3.5% down. Based on my knowledge of the Massachusetts market and how quickly it has been appreciating. My guess is you could provably refinance your first house and come in with FHA paper again on your next one. Hope this helps!

Scott Graham a great resource that I have heard investors and Wholsaler's referring is The Warren Group. They actually provide the leads in every New England state to companies like List Source. http://www.thewarrengroup.com

I'm with Corina Eufinger real world experience is where you are going to learn the most. Trial by fire is the best way.

A pretty common question that I hear all the time is .. "How do you hold tenants accountable for damages during their stay?" 

Well, the answer is simple! A Condition Checklist which we supply tenants at move in.

Then the next question is, "How do you appropriately charge them?" Good news is we have an answer for that too. We use a move out checklist (similar to move in) but wear provide a list of charges with the Condition Checklist at move in. 

My question to BP is what charges do you include on your move out checklist?