All Forum Posts by: Thomas Gagnon

Holy crap!!! Come to the live free or die state of NH!!! We have incredibly balanced tenant/landlord laws neither really has more power than the other. On the rare occasion I need to evict, which is very very rare, I can pull it off, turn over the unit and have a new tenant in place before the next month, I take the security for the lost month and I'm out $125 for the eviction filing, LOVE NH

Thanks guys, I'm dead serious about this flat I saw in old San Juan.  Let me find the info again and get back to you.  Are you from there?  Have family there?@Juan Bravo 

It's something I've never understood. I've been buying this since 2013. Seller after seller pulls this. The numbers are the numbers. If it were me selling I'd have a full disclosure put together for any buyer, saves everyone the hassle of the rat race back and forth. I'm going to get to the bottom of the seller's numbers eventually. This business is complicated enough without adding to it. If a sellers numbers are junk, they're junk. I guess sellers of junk hang on to the hope that a buyer will fail in their due diligence. I always ask for a schedule E. If they don't give it right away then make your offer based on what you know and lower once disclosure occurs and yank if they don't provide. Anyone who is selling at present value will always be happy to disclose early. It actually saves the seller time in having to entertain low ball offers. A healthy line of communication both ways is not only professional but always makes for a healthy and swift deal to closure. Hold your ground

Might think about glueing down xps foam board, with 3/4 tongue and groove plywood on top, tape the seams then like a previous post said use either vinyl sheet or preferably allure or allure ultra from Home Depot. Just completed this type of install in a basement apartment rental renovation and it came out amazing!! Floor is super warm as well and the xps acts as a great vapor barrier if you tape the seams with a tyvek tape. The whole install is super easy and will last forever. Good luck

Juan Bravo How did you finance the PR property, or did you? I was in Puerto Rico in December and fell in love with old San Juan. I'm so busy up here I haven't had the time to look into it. I found this completely wrecked 2000sqrft beauty in old San Juan. I know someday I'll regret it if I don't do it. Any help would be greatly appreciated! Thanks

Patti Robertson I have a ton of questions for you Patti. I can't see your contact info though. If you have the time could you maybe contact me and I can shoot you my number? Maybe we can connect? I purchased a large building here in MA and have a majority of S8 in this new building, none in any of my other units. I'm looking to maximize my rents and need a road map to do so. Thanks!

Benjamin F. I have a ton of questions for you Ben. I can't see your contact info though. If you have the time could you maybe contact me and I can shoot you my number? Maybe we can connect? I purchased a large building here in MA and have a majority of S8. I'm looking to maximize my rents and need a road map to do so. Thanks!

Oh and one other thing I do when picking tenants to rent to in these types of areas is not only how much income these tenants earn but almost more importantly where it's derived from. My experience is but just a moment compared to members like you but I try to implement tenant filter criteria far beyond the standard, can they afford it, good credit, tenant history etc additional factors which are needed for areas like this but necessary to gain the returns I am seeking at these early business growth stages. Beyond that, crossing my fingers and keeping a constant eye on trends is the next step, haha!

Your advice is something I take very seriously. My mantra is if I provide a top notch product coupled with personal customer service and management in whatever location people will come. Whenever I invest in areas like that though my metrics far exceed the requirements I place on other more sought after locations. I ensure my margins are damn near unbelievable and ensure I sweat equity my way into a position that leaves a huge buffer for potential losses in value. I also keep my rents at a high value to the tenant even in respect to its local market. I'm insanely at times so conservative because of all the points you make. The numbers and expectations just get adjusted so to speak for the added risk potential. With all your years of experience I'll just say your advice is very much highly taken into account for sure. I can't thank BP members like yourself enough for the talent and experience you provide to all of us!

Hahaha, I've heard the same Ann. I drove it yesterday, the area reminds me of Salem, Lynn and a lot places surrounding when I was a kid. Boston drove those areas up in value but looking at stats the area has been stuck in its current condition for as far back as I could find numbers. I know how I sound saying this and even considering it but the numbers are attractive, on paper, reality is always more often a different story. The rents are only slightly lower for b and c class properties than Worcester but with Buy prices significantly lower. With a crystal ball we'd all be wealthy.......