RI Real Estate Tips (Selected Tweets)

Below are some of the tips we posted to our Rhode Island real estate Twitter feed (@webuyri) since we started it in January 2013.

Remember, if you’re looking to sell a house in Rhode Island we can probably help—feel free to contact us at any time.

If you want to check if a contractor is insured, don’t just get a copy of the insurance binder from them; get it FROM THE INSURANCE COMPANY
Thinking of trying a new contractor? Do they have a contractor license and is it valid? Check them out at http://www.crb.ri.gov/search.php
Did you know: In RI a condominium lien is superior to a prior mortgage, but only up to 6 months’ worth? See http://www.psh.com/content345
“The August jobs report was a disaster, but could be good news for buyers” (of your rehabbed properties 🙂 http://www.bankrate.com/financing/mortgages/lame-jobs-report-great-for-borrowers/
Just posted a new article on our blog: “Reminder to Real Estate Investors who ‘Flip’ Houses” http://www.webuyri.com/blog/reminder-to-real-estate-investors-who-flip-houses/
If you already thought it was tough being a landlord, make sure you know about this: http://en.wikipedia.org/wiki/Disparate_impact
Usually the first month or so with a new tenant will tell you how the rest of the rental will go; once they go bad, they usually stay bad
Did you know… you can use the MLS to look up how much of a mortgage(s) a property has on it? Comps and equity in one place – pretty cool
If an air conditioner is leaking into a room, try the obvious: First check the ANGLE of the air conditioner and if necessary, tilt forward
If you have to evict someone, hire a lawyer who specializes in that; they will more than earn their fee with cool-headed tenant negotiation
You must have written standards you use to screen/approve your tenants, and follow those standards equally for all tenants
Did you know: Generally, you don’t have to worry about getting a mortgage discharged if it was recorded 50 or more years ago
Pro tip: It’s very handy in real estate to have an employee or partner you see a lot be a notary, and it’s pretty/cheap easy to become one
Remember, if you have cash sitting on the sidelines, it’s gradually being eaten away by inflation, realistically at much more than 3%/year
It’s great to get a Municipal Lien Certificate (MLC) for a closing, but a good practice is to record it, otherwise has no effect vs. city
In business, some customers just aren’t worth the hassle or any potential profit from them; this applies to rentals & tenants also
When you have a vacant property you should strongly consider installing alarm system; not hard to imagine scenarios where it pays for itself
If you think you’ll need a letter of good standing from the division of taxation for a closing, get it early – it usually takes a while 🙁
Beware those who start out saying how much integrity they have; more often than not, there’s a (bad) reason they’re saying it vs showing it
Did you know that financing for 5 units and more is much different than for 2-4 units? It’s a “commercial” loan vs “residential” for 2-4
Business and investing is a team sport – and if you’re the smartest person on your team, your team is in trouble
Big, fancy brochures and prospectuses are usually used to sell and impress unsophisticated people from parting with their funds
There’s no point in having an entity if you aren’t going to be fastidious about signing for the entity and not yourself personally
It pays to read a deed closely; if it says “with no covenants”, then what you really have there is a Bargain and Sale Deed – be forewarned
When verifying income and expenses for a rental property, compare the rent roll, profit & loss, tax returns and BANK STATEMENTS
Lots of people know to look under carpets for hardwoods; have you ever thought of looking behind vinyl siding to see if there’s brick?
Did you know: if a vacant lot used to have a house on it, even decades ago, there could still be old unpaid water/sewer bills on record…
Real estate concept of the day: “Arms-length transaction” – you should know what this means, particularly with respect to comparable sales
You should be aware that real estate is only one of various “capital markets”, and know its relation to other markets, too
If both sides in a negotiation are a little unhappy with the result, it probably means the negotiated deal was a fair one 🙂
If you buy a multi-family property, besides the leases you also need to get copies of the lead paint disclosure forms signed by all tenants
Do you understand why every paragraph of the Realtor’s purchase and sales agreement is there? If not, time to get a copy and start studying
If you’re looking for 5+ unit multi-family properties on the MLS, remember that they’re under Commercial (CII), *not* Multi-Family (MFM)
Real estate also has tax advantages and ability to legally use “insider” info. Its one big drawback: Illiquidity (i.e., hard to sell fast)
Real estate is an inefficient market; that creates opportunities if you’re willing to do the work – try negotiating a good deal on stocks 🙂
Rates may be rising soon; might be a good time to either buy, or change your adjustable rate mortgages to fixed
Land evidence records offer a veritable treasure trove of information for the ambitious and resourceful real estate entrepreneur
If you feel like you’ve hit a block or a wall in business, taking a break, sleeping on it, or coming back later can do wonders to inspire
You should always be learning; if you’ve gotten too comfortable with what you’re doing, it might be time to take it to the next/new level
If you’re in real estate you need to have a basic understanding of different business & property entities (corps, LLCs, trusts, etc.)
When you come to an agreement it’s a good idea to write it up in a doc, email, even text; memories can be faulty even w/ the best intentions
Inefficient markets are challenging and require more work, but they require more work for everyone else too, which means opportunity
One way to make more money with real estate is to reduce your expenses… Have you appealed your property tax assessments recently?
If you aspire to be a real estate investor but you don’t know how to see if there are mortgages on a property, it’s time to learn
Interesting advanced technique: Instead of buying the house from the bank, buy the note then foreclose yourself or renegotiate with owner
When doing your own electrical work, always be sure to turn off the main power to the house/unit – it’s just not worth the risk
If a property is bank-owned or foreclosed, make sure to test the water before buying; if it’s off, insist it be put back on for testing
When looking up an entity such as a corporation or LLC on the Secretary of State website, be sure to check the INACTIVE database too
The “big box” stores aren’t known for personal service; e.g., you have to go to a local hardware store to have a screen replaced for you
Investing is like navigating a boat; you can’t control the weather, but you can be informed about it and position yourself accordingly
Did you know, if a property has back taxes due, by statute the town is only allowed to collect up to 3 years of back taxes?
If your tenants have checking accts, Dwolla has a very cheap (25 cents per payment) program for landlords: https://www.dwolla.com/landlords
How do you get a mortgage discharged from a bank that failed long ago? https://www.fdic.gov/consumers/consumer/information/lien/
However, related to previous tweet, note that the two lots must be side-by-side; back-to-back lots on two diff streets are NOT merged
Did you know that since 1991 if two adjoining lots in Providence have the same owner, they’re automatically merged? https://library.municode.com/HTML/11458/level3/PTIICOOR_CH27ZO_ARTIINO.html#PTIICOOR_CH27ZO_ARTIINO_S204LANOAR
If you’re going to send direct mail to someone, try using http://usps.com/zip4 to see if it’s a valid address first
Bidding at a foreclosure auction isn’t for beginners; for example, do you know how to find out if you’re bidding on a 1st or 2nd mortgage?
When advertising a rental unit remember: Describe the unit, NOT the renter (or hoped-for renter); don’t run afoul of fair housing rules!
If a corporation or LLC goes defunct in RI, there is a maximum of 10 years in which it’s possible to reinstate the entity
When buying a property off the MLS, especially a bank-owned prop, don’t fall for a “phantom horse race” alleged “multiple offer situation”
First month w/ a new tenant is critical for setting boundaries/expectations. Be tough, but fair. *Everyone* follows the rules, even us!
One way to find out what people really want is to ask them, “If you had a magic wand, what would you make happen in this situation?”
Did you know, in RI if a city inspector sees a contractor vehicle at a property, they have the legal right to enter it and inspect?
If you’re posting to Craigslist and you’re not renewing those posts every 2 days, you’re missing out on a lot of potential renters/buyers
“Seek first to understand, then to be understood.” In real estate, make sure you meet your customers’ REAL needs not what you think they are
Once you make your final payment to a contractor on a job, you will NEVER get them to come back. So make sure it’s really 100% finished!
If you’re doing an eviction and the tenant is going to sign a stipulation make sure it does NOT say “with notice” or you’ll be back in court
Many times city fines are $50/day or more and add up to thousands, but usually they will negotiate down if it’s being sold to a rehabber
For putting in new hardwood floors, pre-finished is definitely the way to go; just be sure they’re at least 3/4″ thick to allow refinishing
If you own rental property, good screening procedures – documented and that you apply fairly and consistently to *everybody* – are a must
Don’t delegate color choices to your painters – YOU are in control of the property, not them, and you must decide how you want it to look
Whenever you see new construction/work in a property you need to ask, were permits pulled? If not & you buy it, you might have to rip it out
“Time is of the essence” in a real estate contract means deadlines are really “deadlines” – missing a deadline means breaking the agreement
People do business with people they like, and people they trust
Having trouble getting hold of a city inspector or official? Usually you have to GO IN PERSON. Being nice and polite helps, too
Did you know… continuing education classes for attorneys and other professionals can usually be attended by anyone, including you & me
When listing a house on the MLS, another good practice: Pay a $1000 bonus to buyer’s agent if under contract in first 10 days of listing
How do you make a good contractor answer your call & come when you need them? PAY THEM ON TIME. In fact, never make them invoice you at all
In marketing there is the shotgun, and then there is the rifle… which one are you using?
For every house you buy that you’re going to rehab: You should be putting up a FSBO sign on the lawn the day you close!
Many a landlord horror story begins with, “I was getting desperate for a tenant so I took someone who seemed nice, not doing any screening”
Here’s a calculation every real estate investor should know without looking it up: 1 acre = 43,560 square feet
When you meet with potential clients/customers, you should be listening a lot more than you’re talking
Do you know why it says “sold before print” on some online MLS listings? It dates back to pre-web days, when the MLS was a printed catalog
Always remember, whether you’re fixing & reselling or buying & holding, you’re selling a product; the product matters & so does the service
Did you know that when buying a multi-family property, banks only look at 75% of the rental income? That’s a 25% vacancy rate – wow
Many more sales are made through regular follow-up, than on the initial contact, so make sure you have a system to keep following up!
New to real estate investing but not sure where to start? Start simply – with properties you know and that are already close to you
Local lenders (“portfolio lenders”) can be easier to work with as they keep loans in their own portfolios rather than reselling to Wall St
If something seems “weird” about a property, might be best to walk away early; it’s going to be weird to your end buyers/tenants too
Some of the best deals (purchases) are the ones you choose not to do
Now (spring) is a great time to do any heating system work – contractors are starting to have time after all of winter’s emergency calls
BEWARE the prospective tenant who comes to the showing wanting to give you cash and move in right away, without filling out an application
If you can’t find many comps (comparable sales) to support the value of a property, be VERY cautious; in fact, consider passing on the deal
Confident… cocky… lazy… lose money. Don’t let it happen to you – don’t let confidence turn to cockiness
It’s better to leave a property vacant for another month or two, than accept a bad tenant out of desparation; costs more in the long run
The more of your documents you have ready to give to a potential lender ahead of time, the better you’ll look in the application process
Seasonal tips on spotting possibly good real estate deals: Look for unshoveled, piled-up snow in winter, and long/un-mown grass in summer
Some property issues, like paint colors or flooring, can be solved; others, like bad layout or neighborhood, can’t be easily solved at all
When putting together a rehab analysis sheet to calculate offer price, make sure to include a generous miscellaneous/unknown buffer!
Do you verify that new tenants have called utility cos to arrange for service to be put in their name? You should, before handing over keys
Treat your “due diligence” checklist for new properties as a very important bill that’s “due” – pay now, or pay (a lot more) later
One thing to try with a non-functioning central A/C unit: Flip its circuit breakers – and there are usually 2, one for fan, one for cooling
You can improve a property, but you can’t improve its neighborhood – unless you buy it all up that is (which people have done! 🙂
Even though a city violation may say $X fine per day if not fixed, they may release that lien if new owners willing to take responsibility
Something vacant property owners don’t usually know: Regular homeowner insurance no longer covers them, & vacant prop insur is much more exp
When you are blessed with abundance or unexpected good fortune, remember to “give back” and share with others – keep the circle going!
A lot of people cringe when they see a property has been brought down to the studs. Means more work… but fewer surprises, too
Old but good advice: If you’re thinking about buying a property, be sure to go by day AND night, during the week AND on the weekends
When selling, you should always fill out and give the disclosures, even when there is no real estate agent involved with the sale
A good article talking about tax treatment of different expenses in a 1031 exchange: https://www.orexco1031.com/Downloads/ereport.3.orexco.pdf
Two esoteric areas of Rhode Island real estate law we wish we knew more about: Condominium association liens and mechanics liens
If your central air unit won’t turn on, start with the basics – is its thermostat battery powered; if so, does it need new batteries?
If you can’t find a corporation or LLC in the RI Secretary of State database, don’t forget to search the “Inactive” database too
As you walk through a property, put yourself in the mindset of the eventual tenants or buyers; how hard or easy a sell will it be to them?
Most of the time, all I need to know is the year someone bought a property, and I’ll know if they almost certainly don’t have equity left
When you look at comparable sales for a property, make sure they are actually *comparable* – including a drive by of the comps!
Need to know property taxes for a prop? Take the assessed value, divide by 1000, then multiply by rate found at http://rirealtors.org/RealtorResources/TaxRates.asp
When an agent says “highest and best” what they mean is, “Please bid against yourself so you pay as much as you possibly can”
If you own real estate and don’t know about how the Dodd Frank law affects you, it’s time to get educated
A farmer’s shadow is the best fertilizer… no one will ever care more about your business than you will
Step 1 for aspiring real estate investors: If you see a good property, you must know how to find out who the owner is 🙂
As of Jan 2014, real estate owners have new options for deducting some otherwise capitalized expenses: http://www.inman.com/2013/09/30/good-news-for-owners-of-smaller-residential-rental-properties/
Learned a new term today: If you see slanted ceilings on some properties, apparently one term for them is “knee walls”. Who knew?
Did you know… the Mortgage Forgiveness Debt Relief Act expired at the end of 2013? See http://www.dailyherald.com/article/20140321/entlife/140329988/
Question for the (advanced) masses: When you do a 1031 exchange, are the exchange fees fully deductible, or do they just adjust new basis?
Realized today: There’s a big similarity between RE wholesaling and stock technical trading; between buy-and-hold and fundamental analysis
There is no better way to learn something than by being forced to explain it to someone else – or worse, give a presentation on it 🙂
Did you know: As of 1/1/11, no itemized deductions allowed on RI taxes; no charity deductions, mortgage interest, etc http://www.investmentnews.com/article/20110327/REG/3032799750
Someone once said to us at a seminar: There is no place for lateness in business. We agree! And not even showing up = out of the game
Even if you don’t learn anything else about land evidence records, looking up someone’s mortgage tells you their negotiating bottom line
If your rehab budget is limited, focus the $ on the kitchen and just touch up bathroom; a great kitchen makes a great & lasting impression
Do NOT start showing a property until it’s DONE and CLEAN; you don’t want potential buyers to start directing your rehab project, then bail
Leave the “new” and “warranty” stickers on things like new windows, new appliances, etc. – shows people you really did spend $ on new stuff
Remember when trying to drain an old hot water tank prior to disposal, you need to ALSO open the pressure relief valve for water to flow
If the tile in a bathroom is old (e.g., pink, green from 60s/70s) but intact, just have it COATED instead of replacing – much cheaper
Winterizing – and dewinterizing – a property is tricky business; make a mistake and you can end up with a lot of water damage…
Did you know: You begin to depreciate your rental property when you place it in service, NOT necessarily the day you buy it
Like it or not, the city has a monopoly on providing services to your property. Tread carefully – your reputation matters in real estate!
When you get a property cleaned before showing it, make sure that the BASEMENT is cleaned too; makes great impression w/ buyer & INSPECTOR
Always include a reserve of about $1500 for items your buyer’s inspector will find and you’ll have to fix/address to make sale go through
If you’re one of the few people who figures out replacement reserves, do you also increase them for inflation in your calculations?
Did you know that unless you place a building into service on the 1st of the month, you can only take 1/2 month depreciation for that month?
Take care of any items that could blow your sale – “back on market” has a stigmatism associated with it, your prop will be harder to sell
If it’s freezing cold out, and the windows on a tenants’ unit are wide open, who do you think is paying for the heat on that property?
Did you know: If you have a decent roof that has some moss growing on it, there are roof CLEANING companies that make it look good again?
Residential houses with underground oil tanks – not good. Plan to get rid of them; “everyone’s scared to death of them”
When it’s time to replace a window, you may as well use the opportunity to stuff extra insulation into the wall cavity around it
If a house was vacant for 6mos+, spend the $500 to clean out the duct work on air heating, otherwise house will smell bad when they heat it
Granite counters and stainless appliances aren’t as expensive as they used to be, but home buyers still love ’em – worth the extra $
Did you know: For the last couple of years, even after signing a P&S in RI, a buyer can walk for any reason at all up to 10 bus days later?
If you think a tenant may have tripped a circuit breaker, tell them to turn each breaker *all the way off*, then all the way on again
You’re going to end up at your rehab projects a lot for one reason or another, so make sure they’re close to your home/office – 15 min max!
Each rental property you own is basically a small business; it should have its own profit and loss statement that you analyze regularly
These days, no regular buyer can even enter a contract to buy a rehab from you until the 91st day after your purchase; plan accordingly
On a rehab it’s important to clean up the yard first, helps a lot with good will from neighbors, who you should talk to, give your card etc
If all the lights in a property are on pull chains (instead of wall switches), good indicator the electric may be KNOB & TUBE (bad)
Smart property owners, like smart business owners, control their costs – it’s all the little costs added up over time that matter
It’s *definitely* worth putting fliers around the neighborhood advertising a new prop on the mkt, inviting to open house, etc.
How’s this for a return on investment: A $2 sink strainer vs. a $215 call to a plumber/rooter service to clear out soap/hair clog
If you track down owners of abandoned houses, ask if they have the special VACANT insurance; any other kind is useless vs their liabilities
You may remind tenants to keep heat to a minimum level in the winter (e.g., 55), but do you tell them to keep bathroom doors open too?
When you have a mold problem, the #1 question should be: Where is the source of moisture that created the problem in the first place?
Another sewer-related due diligence item: Ask sewer authority: 1) connected? 2) assessment? 3) how much? 4) when is it due? 5) yearly amt?
Just because a house is in an area which has city sewers does *not* mean it’s connected to the sewers – must ask the sewer authority
Also, if you’re new to rehabbing: Do NOT buy a house with a septic system for one of your early/first projects
Good advice from the trenches: NEVER buy a house with a septic system that is near water. Could cost you tens of thousands of dollars
Did you do comps before determining your offer price on a rehab? Did you DRIVE BY those comps to make sure they were really comparable?
Have you added checking floodsmart.gov (to see if a house is in a flood zone or at risk) to your property “due diligence” checklist?
If you have entities (LLCs, corporations, etc.), do you fulfill/respect the “entity formalities”? Now is a good time to review/catch-up…
The baby boomers are getting older and they don’t want to climb stairs… increased demand for single-level homes?
Instead of rebuilding a deck, which can get pretty expensive, consider replacing it with a $1500 concrete patio instead
Unexpected things in property can be planned for so you don’t have to scramble when something fails; two words: replacement reserves
Even the pros hire someone to inspect properties before buying. Why? Because it’s very cheap insurance against missing something important
Good questions to ask on a rental application: Do you have pets? Do you smoke? BETTER: How many and what kind of pets? How many smokers?
Supposedly, there are new laws that if a property is being foreclosed on, you must notify tenants or they don’t have to pay you rent
Another new kind of paint: Paint that has extra insulating properties to trap heat that would normally escape out of rooms
Did you know… In addition to low-odor paint, they now make “acoustic deadening” paints to help with noisy neighbors?
The magic question in real estate when you buy: “What else do you have for sale?”
Sometimes after you replace the battery on a smoke detector you have to “clear” its internal memory by holding the test button for a bit
Does your smoke detector keep beeping even after you change the battery? Check date on detector itself, which may be close to expiring
Your hot water tanks (if you don’t have a tankless system) should all have pressure relief valves with pipes pointed away from the tank
When a tenant calls and says the gas on their stove doesn’t work, make sure someone hasn’t moved the gas line shut-off into shut position
Electric meters: When they have clear or gray tags, it means the electricity is on; any other tag color means it’s been shut off
It’s never a good sign when a tenant stops returning your texts/calls; you’d almost rather they call & lie just to keep communication open:)
Most RI towns have a law that you must remove snow from sidewalks; here’s Cranston’s: http://www.cranstonri.com/hottopicdetails.php?hid=188
Before buying a property, do you check with the BUILDING DEPARTMENT (*not* tax assessor) for its “legal use”? You should!
It’s amazing how much you can save merely by asking for a competitive *quote* on a job, instead of merely hiring them straight out
Here’s a New Year’s resolution for you: This year, make it a point to get tax IDs when you write people checks, not next January!
Corollary to the last tweet: If you RECEIVED mortgage interest payments, you must send the payer a 1098-INT by Jan 31st
Did you know: If you PAID interest on a loan to someone (not a corp) >= $600 you must send the lender a 1099-INT before Jan 31st?
Nothing shows a man’s true nature than splitting an inheritance w/ him, OR asking for his tax ID because you legally have to send him a 1099
Normally you don’t have to send 1099s to corps, BUT you do if it was for legal services; see p.2 http://www.irs.gov/pub/irs-pdf/i1099msc.pdf
IMPORTANT news re 1031 exchanges requiring action ASAP (see end of article on p2) http://newsok.com/tax-reform-targets-include-1031-property-exchanges/article/3914587 – please spread the word!
When you think about the value of your time, there’s one great return on investment you can easily obtain: A *lock box*
Don’t forget: You amortize loan points over the life of the loan; if you paid points, you should deduct 1/n of the points every year of loan
Did you know: If you plan to challenge your tax assessment, you must file a “true and exact account” by Jan 31st? http://webserver.rilin.state.ri.us/Statutes/TITLE44/44-5/44-5-15.HTM
Something that should be on your yearly checklist for next November: Mail tenants about keeping heat >= 55 degrees even when away!
Even if you delegate the management of a property, you can’t be entirely “hands off” – you must then “manage the manager”
If you accept “iffy” tenants with a stronger co-signer, make sure the co-signer has assets/income of their own AND signs the lease too
Have you made (or has your bookkeeper/accountant made) all your “end of year adjusting entries” yet?
Did you know that the owner of a property as of 12/31 is usually the “owner of record” at the tax assessor for the entire next year?
RI General Laws reading assignm: Housing Maintenance & Occupancy Code http://webserver.rilin.state.ri.us/Statutes/TITLE45/45-24.3/INDEX.HTM
If your house/building has washer/dryer hookups, spend the extra for steel-braided supply lines – it’s worth it in the bursts you don’t get
Yes, a survey is a bit pricey, but finding out after you buy something that the lot lines aren’t where you thought, is much more expensive
We all have “teams” that help us be successful (or help us, regardless 🙂 – have you thanked your team members lately? ‘Tis the season…
Be careful about mounting a ceiling fan where there was only a light before; ceiling fans need special electrical support boxes for weight
Landlord pro tip: If your car is making a mysterious beeping noise, make sure you didn’t leave any smoke detectors somewhere inside
Do all your tenants know where the water shut-offs in their apartments are? What about the main shut-off in the basement? Red tags can help!
Some landlords don’t allow pit bull dogs because of higher insurance costs. What about a “Staffordshire Terrier”? SAME THING
When a tenant calls and says there is no heat… make sure someone hasn’t flipped the switch to the emergency shut off
When buying a property, be sure to check the attic and basement to make sure the seller removed everything s/he said s/he would
Even if you delegate management of a building to someone else, you need to walk through all the units at LEAST once a year, 2+ times is best
Determining the Number of Residents for Your Rental Unit: http://kb.rpoaonline.org/ikm/questions.php?questionid=18
If you’re posting apartment ads on Craigslist, it’s imperative that you renew them every morning to stay at the top of the list
Did you know that evicting someone for non-payment of rent is easier/faster than evicting for some other reason (e.g., excessive noise)?
When checking with previous landlords, if they’re a big company keep your questions fact-based; e.g., # of times late, # of complaints, etc.
If you get on good terms with a real estate agent, s/he may tell you of properties just before listing them on the MLS (“pocket listings”)
RI General Laws reading assignment: Mortgage Foreclosure Mediation http://webserver.rilin.state.ri.us/Statutes/TITLE34/34-27/34-27-3.2.HTM
Another thing that can be easy to miss when going through a house quickly: How many electrical outlets in each room? Hopefully at least 2!
Remember, south-facing windows can help with home heating in the winter as the sunlight helps heat the home – open during day, covered/night
It’s almost time for those end-of-year accounting adjustments; if you don’t know what those are, it might be time to learn!
Did you know: You can often buy 10% or more off coupons to places like Lowes and Home Depot, on eBay for a buck or two?
Some people say, “It’s not personal, it’s just business” – not realizing that in business, relationships count; business is ALWAYS personal
RI General Laws reading assignment: Minimum Housing Standards http://webserver.rilin.state.ri.us/Statutes/TITLE45/45-24.2/INDEX.HTM
It’s that time of year (the end of the year!); are there any expenses you would benefit from paying NOW, in 2013?
If you do go to a foreclosure auction, bring a certified chk for deposit made out to yourself; if you win, sign it over, if not, redeposit
Three reasons foreclosures aren’t usually a good deal: 1) no chance to look inside, 2) often-bad title, 3) competitive bidding. Nuff said.
The nice thing about real estate, compared to investing in stocks or other assets, is that you can retain control of your investment
EIK, LR and BR are easy abbreviations to decipher (eat-in kitchen, living room, bedroom), but what about “TBTS”? Tile bath w/ tub and shower
Note well: Most contracts for bank-owned properties prohibit assignment, so plan to close in the name you put on the purchase & sales agrmt
When making appointments to show apartments, always try to make them for the same day you’re called, otherwise no-show rates skyrocket
Pro tip: If there are several roommates and one moves out and a new one moves in, easiest to just assign lease interest from old to new
Did you know… you can read the Rhode Island General Laws for yourself? http://webserver.rilin.state.ri.us/Statutes/ (hint: start with Title 34!)
If you ever want to see an example of an extremely one-sided contract, just take a look at the standard bank addendum on a REO property!
What’s the difference between an agreement and a contract? A contract has *consideration* – something of value exchanged between the parties
If you use a flat fee listing service, don’t be surprised when buyers agents put your property at the bottom of their showing list
Do all your tenants/properties have salt, shovels, etc. for the winter weather? Do you have those things for yourself?
Retaining walls are one of those things that only serious real estate investors think about. Why? Because eventually it’s going to cost $
Have you ever considered doing “cash for keys” instead of an eviction? Some landlords hate the idea but ask yourself, which will cost less?
If you’re not getting calls on your apartment ad, have you done a rent survey (i.e., looked at the competition)?
When someone says, “I’ll take it” for an apartment, do you collect a deposit? Until you do, they will walk away at the drop of a hat
Own rental property in Providence? You DEFINITELY need to check out the Providence Apartment Association: http://providenceapartmentassociation.com
“Speed Short Sales by Working with Fannie Mae From the Start”: http://www.linkedin.com/today/post/article/20130607141946-11341570-speed-short-sales-by-working-with-fannie-mae-from-the-start
Is now a good time to remind your tenants that they must always keep the temperature in their units at least 55 degrees?
Two useful items for your departing tenant summary sheet: 1) Last phone # you had for the tenant, 2) new address they gave you (if any)
Do you have a “departing tenant summary sheet”, where you document your experiece with a tenant as they move out? Very handy for future ref
Interesting post by someone who bought an apartment just to rent out nightly on AirBnB: http://needwant.com/p/buying-apartment-airbnb/
Changing batteries in smoke detectors (not technically owner’s responsibility) is a great excuse for seeing inside your units twice a year
If you’re buying a building that doesn’t have gas heat, it better be for a great price – tenants seem to hate oil & electric heating
Ask, “have you ever had an eviction action filed on you” instead of “have you ever been evicted” – most eviction cases settle in court
Why do home inspectors run the water on full blast and then flush the toilet? They want to check the water pressure!
Treat your buildings like gated communities: Only the best get in. What is the gate? You and your screening policies.
Own real estate in RI? Consider attending a mtg of Rhode Island Real Estate Investor Group (3rd Thurs of each month): http://www.rireig.com
If you buy a building with existing tenants, their first concern is that you will raise their rent – discuss that in your initial meeting
When going through a property, pay attention to signs of water problems from above, that someone recently painted to try to hide
Sometimes MLS listings say the funniest things… “Rents could be higher” Really? Well, then why aren’t they?
Did you know, when there are bugs in one unit in a building, it’s the tenants’ responsibility; where bugs are in 2+ units, it’s the owner’s
As winter approaches, did you know that you can get a ~$25 device at the hardware store that helps identify drafts, even from outlets?
Do you have an “apartment condition form” you and your tenant fill out & sign together on move-in, which documents the apartment condition?
Always ask, will *you* be renting the apartment, or are you calling for someone else? It’s amazing the # of people who call for other people
Does your lease include the important clause that if tenant is evicted, your legal fees get added to the judgment you get against them?
You know you have good phone screening questions when potential tenants screen themselves out (“Oh you contact previous landlords?” [click])
Did you know that when a tenant moves out, you have only 20 days to return their security deposit (minus itemized deductions)?
With forced air heating systems, it’s very important that the air that flows out of the vents has places to go back (“return flow”)
Did you know, in RI it’s the landlord’s responsibility to provide window blinds for all bedrooms and bathrooms? But do them all – to match
Do you have problems with no-shows for apartment showing appointments? Try insisting they take your confirmation phone call 1/2 hr before
When buying a multi-family property, get the owner (or have agent get the owner) to fill out the Realtor “Confirmation of Rental Terms” form
Have you checked the updated flood maps for your properties in RI? If not, you should: http://floodsmart.gov
Most sales are made on follow-up, not the initial contact… Do you have a system in place for following up?
Important new information about flood insurance rates/premiums – MUST READ: http://www.rirealtors.org/newsandevents/floodinsurance.asp
Consider requiring cash or money order for tenant move-ins – so they can’t move in with bad check for 1st & security (then you have nothing)
Do you understand the bookkeeping entry necessary to change a security deposit into last month’s rent? Even if you delegate, must understand
Did you know: If you (or handyman/electrician) put circuit breakers into the electrical box that are a different brand, may void warranty?
One of the areas water enters a building is the same place people do: the entrance; make sure it is protected against water flowing in!
Did you know… if you have ANY lead report in your possession for a building, you MUST share it with tenant before they sign the lease?
If you talk to a prospective tenant and they already have stories full of drama, before you even meet them to show them the apartment…
In RI, the landlord must provide working batteries in all the smoke/CO detectors for move-in, but after move-in it’s tenant’s responsibility
Did you know, you can actually file for eviction in any county courthouse in RI, not just the county the property is located in?
How to make sure good contractors put you at the top of their list to call back: PAY THEM PROMPTLY… don’t ever make them send you a bill
Do you have a form to summarize your experience with a departing tenant in case you are asked about them later? Does it have their new addr?
Note well: A service animal is NOT a “pet”, and you can’t apply your normal “pet” policies to service animals (e.g., extra rent/deposits)
Did you know that for several years now, new electrical wire has date stamp on it? That way you can’t say to inspector, that was here before
Instead of asking do you smoke, or will you have pets, ask how many smokers/pets will there be – people are more likely to answer honestly
Remember, if you’re painting over a new drywall patch or new wood, it needs to be PRIMED first, otherwise it won’t look right when painted
Speaking of interesting/uncommon pets… Ferrets. OK, *as long as they are de-scented* – and you need to be given proof of this!
Rumor has it: A few pro-tenant eviction court judges will throw out your case if you don’t have a copy of your deed with you – so have it!
Did you know, cute little bunnies can be *extremely destructive* to apartments? You may want to consider adding them to the “no pets” list
Do you have a signed “Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards” for every one of your rentals? You should!
When 2 people come to look at an apartment, but say only 1 will live there, be suspicious; ask prior landlords if they both lived together
If you have forced air heating, now might be a good time (as we head into winter) to change the air filters! A cheap way to avoid problems:)
Prev owner put an illegal in-law apt in your prop? Even if you don’t use it, on an inspection for permits they could force you to rip it out
Did you know… circuit breakers can wear out over time? (over the years)
Do you have a “maintenance request form” for every request, showing when you resolved it? Helps in court if tenant says you don’t fix things
When buying a building, if any tenants have no security deposit with seller, those tenants have to go, otherwise they’ll be problems for you
Your rental application form should have a space for email address – there is no easier way to notify tenants of building issues!
If a prospective tenant can’t answer questions re: income and residence history on the phone w/o attitude, congratulations on pre-screening!
When replacing a ceiling fan, measure the width of the old one – take picture and also try to get same base. And don’t forget lighting kit!
If you have old plaster walls, be VERY careful about hammering any nails into them; the vibrations can cause whole sections to come loose 🙁
Do you give your tenants the Federally-mandated “Protect Your Family from Lead in Your Home” booklet at lease signing?
Ever want to use the Zip+4 zip code format to ensure faster delivery? Or look up a zip code? Memorize/use/love http://usps.com/zip4
Is assessed value a good proxy for “real” value? We looked at comparable sales and in our small sample, found values about -20% of assessed
Not sure if boiler won’t turn on because of the boiler or the thermostat? Try removing the thermostat and touching wires together manually
Need to find out who owns a property, or how much it’s assessed for? Try this shortcut: tinyurl.com/ripubrecs (tinyurl dot com / ripubrecs)
Tenants are like employees: If you don’t take action to remove the bad ones quickly, you’ll find that the good ones leave you
If you sign a stipulation with tenant being evicted, that they’ll depart by X date, be sure to include that property left behind = abandoned
Sometimes when an agent asks for your “highest and best” due to “multiple offer situation”, they just want you to negotiate against yourself
Heading firmly into fall now… is it a good idea to get your heating systems serviced now, before they have problems in the dead of winter?
If you aren’t making enough money in real estate, make more offers
Do you save all your tenant applications, regardless of whether they were accepted/rejected?
If you manage apartments, invest in a decent camera for posting ads on Craigslist – many people make snap decisions by pictures/looks alone
Do all your tenants know about the referral fee you pay for a successful referral of a new tenant for one of your vacancies?
If your property has an underground oil tank you should strongly consider removing it *before* you list it for sale http://scarsdale.patch.com/groups/business-news/p/dont-let-a-buried-oil-tank-bury-you
Do you have written criteria for screening tenant applicants, that you apply to all applicants equally? You should
If you accept a late payment from a tenant, you should send a letter saying that it doesn’t establish a policy of accepting late payments
Did you know… insurance companies have started dropping hurricane coverage unless you pay extra? You might not be covered for that now
One reason not to close on a Friday: Often documents can’t be recorded that day, putting the closing in limbo over the weekend
If a prospective tenant can’t respect you enough to show up on time for the first showing, how do you think they’ll be when they move in?
Appraisals are good, but every appraisal report is labeled for what it is: An OPINION of value. Judge/act accordingly.
Charging low rent reduces phone calls from tenants… but just make sure that they still call you about important things like water leaks
Did you know: If you check credit and you deny someone in whole or part due to their credit, you must send them a special letter about it?
A test for good tenants which will disappoint you a lot: Ability for someone to keep an appointment made beyond the current day
When you buy a property do you do a detailed analysis to determine the land vs. building allocation? If not, you should look into the idea
The devil is in the details, and there are always a LOT of details in real estate. Double check *everyone’s* work, even attorneys’
It’s amazing how often and quickly bad tenants reveal their personality problems (e.g., oppositional-defiant) even in their first phone call
Tempted to skip the property inspection? Don’t do it, a second set of eyes is ALWAYS worth it; it’s a very cheap form of insurance
That old dark paneling… remove it, or just paint over it? Depends on property/area; just paint over if a lower quality property/area
Many people look at comparable sales before buying a property, but do you DRIVE BY the comps? Small time investment, very useful insurance
Putting a new deck on? For outside wood, always use pressure treated (PT) wood, but ALSO give it a few months to dry out before sealing it
If your building has a fire escape, periodically scrape and paint it, otherwise the rusting metal can actually hurt someone who uses it
Property inspection checklists are great but lots of photos are also great – remember, memory is fallible!
If you do offer sheets before a full purchase and sales, make sure that all the terms from the final offer sheet carry over to the P&S!
Neat trick: Put a dummy downspout up the side of your multi-family, then use it as the way to run cable lines up the house cleanly
Thinking about applying for a variance or changing a property in some major way? Make sure the change fits with city’s “comprehensive plan”
Something for your property closing checklist: The walkthrough on the day of closing
Good items to put in a lease: No installation of satellites or cable lines without prior approval of the landlord
Did you know: Every electrical outlet within 6′ of a water source (e.g., faucet) needs to be a group fault circuit interruptor (GFCI)
Be it known throughout the land: Let there be a general prohibition against the “try hard” tenant applicant
As a property owner, your biggest enemy is WATER
One reason to leave tenants in place when buying: When < 75% or 50% occupied (investment vs. owner occ), must get expensive VACANT insurance
Did you know… When buying a property that is a short sale, the seller column on the HUD-1 *MUST* total to exactly -zero-?
One essential skill for real estate: Being able to examine the title for a property; it can save you $ and time, and rescue dead deals too
If you find yourself trying to convince yourself to break your own screening rules to approve someone, STOP – reject them, or regret it
If your property has wireless water & gas meters that allow reading from street, tell your tenants they don’t need to let anyone in to read
Tell your tenants until they’re sick of hearing: I *want* to hear about any maintenance issues involving water, even small leaks/drips!
Your rental application should have the rent for the apt on it. Why? To avoid “Oh, I thought the rent was $X” disputes later
Another warning sign for potential tenants: When they start out by complaining about how awful their last landlord was
Wall repair after door knob slams through: $75; door stop post: $1.39. Pro tip: buy the SPRING door stops. Don’t look as good but they LAST
Note for tenants and homeowners: If you have electric baseboard heat (as many 3rd floors do), it stays on *until you turn it off*
If a potential tenant has a history of never living someplace more than a year, how long do you think they’ll be at your place?
Professional landlords standardize on as much as possible: Standard paint colors/sheens, standard types of locks, standard lights, etc.
Instead of asking potential tenants “Do you smoke?” ask, “How many smokers will live in the apartment?” Same thing with pets
One example of “an ounce of prevention is worth a pound of cure”: Change your air filters regularly to avoid expensive HVAC problems
Do all your tenants’ stoves have anti-tip devices on them? They should
Another warning sign with potential tenants: When they haven’t even filled out the application, already nit picking minor apt stuff
A good rule of thumb: Trim any trees within 8 feet of your property
Another criterion of a good property: A good credit rating (financial stability) for its city/town. Otherwise, guess who bails them out?
If you’re going to be away from your house/property for a while, don’t forget to put the hot water heaters on vacation mode
Never, ever pay a contractor in full until *everything* is done, including any reports/paperwork; once you pay them, the have NO incentive
Want to increase chances of getting approved for a commercial loan? If you have all your paperwork in order ahead of time, you look GOLDEN
RISE Engineering will give you a free energy audit on your property with plenty of ideas for how to save money; http://riseengineering.com/
Pipe insulation is a cheap way to save money which pays dividends years into the future
Beware the transient tenant: Someone who’s never lived in one place for more than a year probably has a reason for that…
Here’s an interesting source of foreclosed properties – ones owned by the Secretary of Veteran Affairs (VA): http://listings.vrmco.com/
Beware the over-eager tenant: Someone who calls more than twice in a 24 hour period is probably desperate to move for a reason…
Pro tip: Get the paint department to match the color of your new shutters, so the front door and other outside items match the shutters
Simple but important thing: Make sure that the grade of the land around a house slopes AWAY from the house, so water is channeled AWAY
Professionals have checklists – there is simply too much for any one mind, no matter how “expert”, to remember all the time
A classic tip: “Bring the old one” to the hardware store when you’re trying to find a replacement part… memory is inherently fallible
Subtle but important tip: Do not regularly park something very heavy (like a heavy truck) right next to a house/building foundation
Trying to figure out what’s going on with a “problem house”? Ask neighbors – they usually know exactly what’s going on, happy to talk too
Warning: many insurance companies have chosen to either drop insurance for “named storms” or jack the price up for that coverage a LOT
If you’re one of the few people who bothers to calculate “replacement reserves”, remember to account for inflation in future repair costs!
Finding good tenants is like dating: If you lower your standards, you’ll pay for it, if you keep high standards it takes longer, but rewards
Another hidden thing that can be easy to miss when walking through a house: Roof access – you want it, and your inspector will need it
Simple pro tip that lots of landlords have picked up: When you install a hot water tank or boiler, write the installation date on outside
A unique and profitable real estate strategy: Taking a building that’s not being used at its “highest and best use” and converting it
Tax assessor value can be an OK rule of thumb, but it is *not* market value by any means; only recent comparable sales help establish value
Did you know that within the last couple of years, deeds in Rhode Island must have the amount of sale price included on the deed?
A subtle distinction when checking comparable sales for a property: Make sure to look at “contract date”, not “closed date”, for value@time
Missing downspouts are good to have on a checklist; it’s easy to see when something that’s there is wrong, harder to see when it’s not there
The best times to put a new roof on are in the spring and fall, when it’s neither too hot nor too cold for the shingles to go on
In a short sale, not only do the mortgage companies need to sign off on it, but if PMI insurance is involved, THEY have to sign off too
When walking through a property don’t forget to look UP – for signs of water damage, plumbing problems, etc.; leaky water = bad
Did you know: Now under RI foreclosures, there must always be an affidavit that attorney advised homeowner of soldiers and sailors rights?
Pro tip: If transferring property into trust/LLC, or adding/removing ppl, use Warranty Deed (NOT Quitclaim), so title insurance carries over
Acid test for making a loan on a property: Would I want to own this property for 5-10K more than my loan amount? Because I might have to…
A lot of lawyers have their paralegals prepare deeds and paperwork; you must REVIEW closing documents yourself at least a day before closing
Within the last year RI law has basically given buyers of any residential property the right to walk away for any reason w/in 10 days of P&S
You can always improve your property, you can’t easily improve its neighborhood – buy accordingly!
Another reason smart Realtors use short sale negotiators: Negotiating with a bank is NOT covered by their errors and omissions insurance
If you’re going to do a short sale, either as a buyer or seller, you MUST involve a short sale negotiator to have a chance of deal working
Train yourself to fall in love with the numbers of a property instead of the property itself (its bricks and sticks)
Yes, you absolutely need to get a lead paint disclosure as a buyer, even with land; have you considered lead paint soil contamination?
Want to quickly check the boundaries of a property without paying for a survey? Go to city hall and look up the “plat map” for the house
A quitclaim deed in Rhode Island is different from a quitclaim deed in other states; in RI it actually does have some covenants/guarantees
Pro tip: If a property fails a fire inspection, when you call for the re-inspection, make sure to ask for the same inspector the 2nd time
Remember: what’s on the tax assessor website/records does NOT determine legal use of the property; you must find it out from building dept!
Did you know that new electrical wiring has the manufactured-date stamped on it? Makes it so you can’t tell the city, “that was here before”
If you know you’re going to close on a property, get started on doing minor repairs prior to the closing, so you can hit the ground running
Everybody knows, the best way to mitigate risk in real estate is good insurance… but what about the things insurance doesn’t cover?
If you set up a search on MLS or RILiving and want to see properties in Providence, don’t forget: the East Side is its own “city” on MLS
Gutters and downspouts are very important to channel water away from a property, where it would otherwise cause a lot of problems
To make sure that documents you are given before a closing remain the same, print them onto a transparency, then lay them over at closing
Ling is likeable, but this video demonstrates the importance of understanding #s in business: http://www.youtube.com/watch?v=cc1ktZRZ5ZM
The Childhood Lead Action Project in RI is in danger of losing its funding; please call 222-2466 and 222-6655 to say you support the Project
When painting bare wood, remember to use a “stain blocking primer” first, otherwise any knots in the wood will show right through
When filling out a purchase and sales agreement, make sure it’s for the right KIND of property (land, single family, etc.); even pros can mess this one up!
When you install a hot water heater, do you write the installation date on the side? Do you tape any warranty information to the side too?
In Woonsocket, if the water meter is recessed in a pit, it means lead piping; city now requires you to replace it when selling ($3000!)
If you got a property without title insurance (e.g., via foreclosure), and give a Warranty deed when selling, get a seller’s title policy
When analyzing a property, if you have to “nudge” the #s a lot to make it work, chances are you’re trying to make a non-deal into a deal
In the stock market they say, “the trend is your friend”; it’s true in real estate too – what is the trend in your neighboorhood/market?
When tiling, grout ONLY goes up against tile, never against showers, molding or vanities – use *grout caulk* to fill between tile and those
You know you’ve been doing real estate for a while when you regularly catch mistakes made by “professionals” like lawyers, accountants, etc.
Trick for cleaning a bathroom tub: Use Easy Off oven cleaner strips – takes soap scum right off, doesn’t hurt the fiberglass tub at all
When showing an apartment to a prospective tenant, make sure all lights are on with bright bulbs, and that the place smells nice 🙂
“Allure” flooring is a great option for rentals, looks good, cheaper than hardwoods but tough against tenants – just don’t use in wet areas
In bathrooms, using fiberglass backed linoleum (available at Lowes) helps completely eliminate any issues with water
Bathroom windows should have tempered (toughened) glass so that a slip and fall doesn’t result in broken glass and cut injuries
One way to keep tenants honest on their water usage: Require that they pay you for 1/2 of the water bill
Two neat devices used by home inspectors: Moisture detectors and gas leak detectors; useful for investors inspecting lots of props
Worried about asbestos? We’ve been told that there is “bridging encapsulation paint” you can just “paint over” the asbestos with to seal it
An old/classic tip, but a good one: *Kitchens and Bathrooms Sell Houses* (and “sell” apartments to tenants); don’t skimp in those areas!
If an electrician tells you it’s not possible to install a light switch where you want, one neat option is a *wireless* light switch
Curious what’s underneath that wallpaper, drywall, or paneling? Take off a light fixture or switch plate and look at the layers 🙂
When doing tile: You have to give the mortar and grout enough time to dry – 12 hours minimum, a full day is much, much better
Did you know: Every Providence landlord of 3+ units is supposed to file info on their insurance with the city? http://webserver.rilin.state.ri.us/Statutes/TITLE34/34-43/34-43-1.HTM
There is what is legal, and then there is what title companies will insure; title companies effectively determine the law (in practice)
One clue you may have active knob & tube wiring: If you have intact plaster walls but new electric switches… what’s behind those walls?
Pro tip: Check rental applicant licenses/IDs, not just for identity but to check BIRTH DATE and SPELLING (how criminal records are filed)
Did you know: Landlords of Warwick property who don’t live in Warwick are required to file their personal address in land evidence records?
Trees overhanging a roof aren’t just bad because they can promote mold and moss but also because they let carpenter ants drop onto the house
Train yourself to be on the lookout for the subtle white stains or raised/buckling wood that signifies past water damage
Educational reading: “Housing Maintenance and Occupancy Code: Responsibilities of Owners and Occupants” http://webserver.rilin.state.ri.us/Statutes/TITLE45/45-24.3/45-24.3-6.HTM
RI law: “Every occupant [tenant] of a dwelling… shall dispose of all his or her rubbish in a clean, sanitary, and safe manner.”
Did you know: In RI, when one apartment has a pest problem it’s the tenant’s responsibility to fix, when 2+ do, it’s the owner’s?
Having business cards is obviously essential, but don’t be tempted to order 5000 to get a quantity discount… your info *always* changes
Having trouble tracking down the owners of a property? Tax assessor has their mailing address, but *neighbors* usu know the real scoop
Did you know: Pawtucket landlords must file an absentee landlord registration form with city code enforcement; failure to do so = $200 fine
New fact: Even if city tells you a lot is buildable, it can be UNbuildable if its building, or a neighbor’s bldg, goes over property line
Learn to look for water stains and other signs of water leakage (e.g., buckled flooring); spotting water problems can save you a lot of $
Did you know: Landlord is responsible for installing window blinds for bedroom & bathroom, but replacements are tenant’s responsibility?
One reason a house might have a flat roof is because it had a fire at one point; so if you see one, make sure to look for old fire damage!
A good idea to add to your new tenant checklist: Show them where the water shutoffs are and how to use them – in the apt AND basement
Here’s an amazing return on investment: A $12 alarm can literally prevent hundreds or thousands of $ in water damage http://www.lowes.com/pd_117272-84862-BWD-HWA_0__?productId=1005609
How can you know if that “previous landlord” isn’t just the applicant’s friend? Try giving wrong info and seeing if they correct you
Trying to track down a previous landlord for a prospective tenant/applicant reference? Search Craigslist to see if they’ve posted any apts
It’s the little things that count: Use steel reinforced supply lines for washers; if you use plain rubber, they WILL burst eventually
I can’t recommend @slydial (267-SLYDIAL or 267-759-3425) enough – so helpful when having to turn down tenants or deliver bad other news
Another good reason to pull permits: It’s really good to stay on the good side of your city’s officials, and awful to be on their bad side
What if you could pay a small fee to have an independent third party expert review your contractors’ work? It’s called “pulling permits” 🙂
If bidding at a foreclosure auction, 1) dress in a suit (people might think you’re the bank :), 2) join the bidding late, when it’s slowed
Did you know that for under $10 you can buy a device that lets you easily test the safety of electrical outlets? http://www.lowes.com/pd_292761-12704-61-501_4294722453__?productId=3128411
Never put a second layer on a roof, always do it right: strip it down, fix any problems, ice & water layer, new sheeting/shingles, etc.
If a contractor says it will take weeks to get a part, call supply houses yourself; you’ll be much more motivated to find it than them!
When re-doing a bathroom, don’t forget to account for the opening of the door when positioning the toilet!
Did you know that the granite and marble countertops everyone loves, need to be regularly sealed and maintained to protect against water?
An easy, nice finishing touch to make a bathroom look attractive, when doing tile: Replace random tiles with a contrasting-colored tile
If doing new plumbing work, favor the newer “pex” – it’s cheaper, easier to work with (no soldering), don’t sweat, no copper to steal, etc.
More caulk tips: Don’t forget to put a bead all the way around your bathtub faucet, else water can bounce up and get behind tub that way
Replacing some of that awful old/black caulk in your shower? Be sure to use caulk designed for wet areas (silicone), not painters’ caulk!
In addition to having a level underlayment, another secret of a great tile job is in the *mortar* – that is NOT the place to skimp/save!
Finishing a basement? If you’re planning on wood flooring, you must be vigilant and meticulous about guarding it against all moisture
Important: Many cities and towns in RI /require/ absentee landlords to register with the city/town and/or the RI Secretary of State
Did you know you can search all Rhode Island laws at http://webserver.rilin.state.ri.us/Statutes/Statutes.html – see esp Chapter 34-18 🙂
If you think having a vacancy in a rental unit is bad, think about how much worse it would be to have a non-paying tenant occupy it!
Did you know that if you file a tax extension, you still have to pay the taxes due by April 15th? Kind of defeats the purpose, doesn’t it?
It’s like playing Where’s Waldo; every real estate closing has at least one error, without fail. Can you find Waldo at your next closing?
When choosing tile, think not only durability, but especially “how well will this hide everyday dirt?” Kind of a strike against white tile!
Instead of replacing cabinets, sometimes you can just refinish/repaint them and put new/better hardware (hinges, pulls) on them
We like this guy’s spirit, “Go Hard Early” http://icelab.com.au/articles/go-hard-early/ – get the hard stuff done first!

Filed under: Tips — Anthony Thompson @ 1:52 pm September 14, 2014