All Forum Posts by: Alecia Loveless

@Russell Brazil Thank you, this is the type of information I need to know.

@Laura Lamberth you also need to check the association rules or bylaws to make sure you can rent out the condo. Some places do not allow rentals.

I’m making an offer on a MF and my realtor included my pre-approval amount with my offer. I offered $25,000 less than the asking price as there’s no comps anywhere near the asking price. Granted this building is much nicer than anything else on the market, but my offer is also $30-40000 more than the other existing comps.

The owner only countered $5000 lower than the asking price. I think he’s just expecting me to pay the full amount I’m approved for since he knows it. The numbers still work at the higher price but my cash flow drops from a very good deal to just a good deal.

I’ve worked with this realtor for 20 years and he knows what I look for in a property but this is the first time I’ve attempted to get a mortgage. I’ve always done cash deals but since money is so cheap now I figure I can do more deals this way.

I told the realtor I would revisit an offer after the New Year.

Any advice for if I should just walk away from the MF or recounter and what I should do about the pre-approval letter next time, because clearly it should have just said the amount I was offering or something should have been handled differently, would be greatly appreciated.

And the 4-plex really would be worth the original asking price and probably more if it was one town over, location, location. Right?

Thanks for any advice anyone with more experience can give me.

Alecia

@Ben Leary If you could house hack a property for the time you have remaining in New Hampshire you can potentially live for free or at a discount which will allow you to spend your extra money on other things like school, books, other living expenses, etc. I would consider this a great investment for a year or two.

@Kirbi Campbell Complete and close on the four-plex I’m negotiating on now.

Get my Airbnb room in my current home up and running as a house hack for added income.

Close on 6-8 more doors in Multi-family situations throughout the year for a total of 12-16 units by the end of 2021 depending on what turns up, hopefully larger buildings with more units instead of SFH.

I’m excited to finally be in a financial situation with some liquid capital to work with to make some of these goals a reality.

@Ryan Copeland Where I live I’m getting $200 per door right now so a deal at $500 per unit would cause me to seriously consider jumping on it! Just my two cents worth. At that cash flow if you find the right team you can even get a property manager and still have a great return on your investment. Best of luck!

@Steve Stanley Hi. I’m curious too as I have a somewhat complicated counter situation that my contractor can’t handle and I was considering Lowe’s too. It’s about 16’ long and has two tiers and back splashes in one area and then is pretty standard in the others but will likely require custom cuts.

Sorry I can’t respond to your specific question but hope to hear responses from BP members with advice.

Thanks!

@Sean Mooney The right bed and breakfast isn’t that bad of an option. You can make some money at it, have a place to live, and meet great people. I’ve owned two for 24 years, just sold the second one and it’s definitely a life style. But with a cell phone you have lots of freedom, you can leave notes sometimes for your guests if you won’t be there at check in time or make prior arrangements with them, there’s usually a down season and now there’s work-share trade sites where you can get a worker to come stay with you for anywhere from 2 weeks to a year in exchange for board or a small stipend and they trade you work such as housekeeping or front desk or gardening or all of the above to stay at your place and experience whatever amenities your location has to offer such as skiing, hiking, city life, etc.

All of this might make a bed and breakfast a great opportunity for you!

Hi. I've got experience investing with partners but I'm a newbie investing on my own. I bought a SFH about 6 months ago but due to circumstances with selling a large property it's renovation got put on hold. It's now back on track and should be done within the month.

I’ve located a solid B class 4-plex in another town about 30 minutes away that cash flows pretty well that I’m going to look at with my contractor in the morning. Both of us are surprised it has sat on the market for 30 days but he’s got some connections to call in that town to check on it if we don’t see glaring red flags tomorrow.

My question is this. Earlier this evening my real estate agent who has been with me for about 20 years texted me that he’s got a pocket listing on a duplex in my home town that has been being used as an Airbnb. Cosmetically I’m sure this property will be nice. Would I be crazy to pursue the second property as well as the first if nothing turns up wrong with either and the numbers run on both? Or as a newer investor would you recommend focusing on one with the original house just coming online now as well?

Thanks!

@Sean Byrd With the exception of the VA loan this property and it's information looks fairly similar to a four-plex I'm evaluating now in northern New Hampshire. The rents are very similar too. Given your location is different I'm not sure how things such as taxes and water/sewer would be different but my analysis showed that I felt my building was strong enough to keep doing due diligence on and I think you should keep pursuing yours too! Best of luck at your showing.