All Forum Posts by: Adam Swift

Investment Info:

Single-family residence buy & hold investment in Manchester.

Purchase price: $75,000
Cash invested: $24,000

1 bedroom 1 bath 3rd floor condo.
Purchased off market and was fully remodeled 5 years prior to purchase.
Bought from a friend that just wanted it sold as they were looking for a house but needed to stay after sale for a short time. So was able to make below market deal without any realtors.

How did you find this deal and how did you negotiate it?

Friend wanted to sell before buying new house but needed to stay till new house closed

How did you finance this deal?

Conventional financing with 20% down

What was the outcome?

Been a great cash flow unit.

When doing rot work it is hard to tell how long it will take, as there is usually more than what you can see. 

$80 is a decent man hour rate to find in NH. But also remember that is per worker. 
The time spent at the job site is not all that is calculated for time as there is travel time and also time to get materials and also to dispose of materials. 

The best way I see to structure it so that you can make sure the contractor is not taking advantage of you not being there, is to either have someone check in towards the end of day just to see progress. Now keep in mind things may have gotten done behind things that you don’t notice. Also ask the contractor to take pictures as they find more things that need replaced so you can see it. 
Best thing also is to find a reputable contractor that has good references so that you know they aren’t just a fly by night contractor. 

I purchased my first duplex in Derry with FHA with little money aside for reserves but I did have the experience of being a general contractor so I could do most things myself. You mention the $170 after all your expenses but are you including what you could get for rent in your unit? As this will be a contributing factor as if you could get another 8-900 for your unit say that brings your profits to closer to $1k per month once you turn into a investment property. now can you live there rent free with your calculations? if so then it seems like a decent investment just put away what you would pay for rent at a place to help your reserves. Cant make money without starting somewhere even if its a close deal you will learn as you go. Feel free to message me if you would like I am local to you.

I would not change it to a 20amp breaker but maybe try a 15 amp breaker that is correct for your panel not hard to do but is electrical so if your not comfortable don't try it as the panel has 100 or 200 amps coming into it. Reason you don't want to go to a 20 amp is because of wiring if it is not correct gauge wiring you can over heat the wiring before breaker trips causing a fire hazard. Best recommendation is hire a electrician so it's done correctly as it sounds like you might not have to much experience with electrical, or find a friend that is an electrician.

Welcome Matthew Keddie to BP I am local to you currently have two duplexes feel free to connect and maybe we can learn from each other

Nick Montville you might be able to submit a offer for more with the extra to go to fixing the issues or you can try for a repair escrow some banks are willing to if they give you the repair escrow for repairs as they know the money is there to fix the issues but something you would want to talk to your bank and your agent about.

Great Question I for one when I first started collecting rent it was in person either cash or check but since I have gone to ACH thru a third party I use.  One this makes it easier for me and not having to show up to collect rent and also easier on the tenant. As JD Martin said if the tenant doesn't have a established account to do this makes you wonder how they manage there money.  And allows landlord an tenant to go about there lives without having to take time out of there schedules to pay or collect rent  

Welcome John Welz. Lots of great info I've found on BP. I'm from just north of you in New Hampshire have one rental property currently looking to buy my second rental. Best of luck feel free to connect if you have questions.

Welcome Kevin I'm in your area,currently only have one property in Derry right now but I am looking at buying another one soon. You looking to owner occupy for your first ? The BP site is a great place for learning a lot and I have gathered so much info from it. Feel free to connect with me if you have any questions I might be able to help you with as I'm in the same area. Adam

I signed up for this webinar but can't attend,  says I will get a replay link so will watch later on unfortunately I will be flying at that time but can't wait to get the information from it