All Forum Posts by: Alecia Loveless

Hi James, I’d be happy to provide you with whatever information you may need. I’m starting to see some deals coming on the market depending on what you’re looking for in both Bethlehem and surrounding areas. Of course right now if they’re priced right it’s a bidding contest but the numbers are working to go a bit higher than list. Look forward to hearing from you. Alecia 

I’ve got a 2012 Acura MDX that was my mother’s hand me down when she got a new car with 100k+ miles on it. It’s got dings and scratches but hauls most things I need to move or else my partner has a 2012 Toyota Tacoma to haul bigger stuff in. Either way our tenants don’t seem to care about our vehicles. I plan on driving the Acura for another 10 years at least and if I don’t get another hand me down will likely look for some type of SUV and make sure I still have access to a truck too.

I live in Northern New England and have had a “summer car” before, a little sports car, and if I can find one I would buy one again if I can get one cheap enough but I wouldn’t use it for rental properties. Personal use only! Not something that would depreciate a lot, like a $4,000 purchase.

Alecia

@Jared Maches Hi Jared, for now I’d be looking for appreciation. I’m friends with the restaurant owners and they are currently using the lot as their outdoor dining space during COVID. Which I would be fine with if I owned it and this problem persists into the future.

As it’s located on a state highway there’s good visibility and all sorts of options. I’ve got some other plans first before I would develop it unless the right option came along, such as something with a long term lease that I thought would be a viable long term option.

Thanks!

Alecia

@Jason Wray Hi Jason, I’m a bit further west from there in Bethlehem. It’s a town of about 3000 in the summer and 2200 in the winter. If I had 20 units to rent I would have no problem finding good tenants as everyone loves the town and the schools are excellent.

We haven’t been hit as badly by the economic downturn as a lot of areas and the real estate market is hot. This is an unlisted lot that the owners may or may not want to sell. The last 3 listed properties I’ve looked at have gone for more than asking price.

I may head to the North Conway area for my next purchase as I think I might be able to get out of the bidding wars.

Thanks!

Alecia

I’m about to free up some capital to invest from a property I’m selling. I live in a small resort town with several restaurants, bed and breakfasts, two golf courses, and very close to skiing.

My question is this. There is a vacant lot adjacent to a duplex I own and a small quaint strip shopping plaza, which has five stores including one of the towns most popular restaurants. It is owned by a nonprofit that I bought my duplex from because they almost went bankrupt and I suspect they are still financially unstable a year later.

I believe I could buy the lot for future development for about $35-40,000 and taxes each year would be approximately $900. I would also have to keep it insured for a nominal amount, probably $500 a year.

The lot could hold a SFH , a duplex or a small commercial building.

Does anyone think this would be a good investment or that I should save my money for a purchase with existing income now such as a SFH or another duplex?

Thanks!

Alecia Loveless

@ANDREW BRUNSON

I’d be interested!

Alecia

@Alex Kehaya

If you find a good buyer’s agent to work with there should be no problem just submitting the price you want to pay. I have a terrific buyer’s agent who works with me as a low end investor, has a high end property listed to sell for me, and shows me all types of listings for investment type real estate. He knows that I’m not a waste of his time in terms of low-balling offers because I only put in clean offers with few contingencies and close very quickly with little work for him.

Good Luck!

Alecia

Hi Darian,

I’m just starting too. I’ve got three units but one will be selling soon, hopefully, it’s attached to my business that’s for sale. I’m currently busy with rehabs and would be happy to chat sometime if you’d like.

Alecia

Investment Info:

Condo buy & hold investment.

Purchase price: $109,000
Cash invested: $109,000

2 Unit Condo currently a 2BR 1BA with a bonus room that will eventually be a 3 BR 1 BA after first tenant moves out, and a 3BR 3BA. Rehabbing and living in one side. In 2BR side had to reinstall a bathroom, fix electrical, paint and insulate and add flooring as original hardwood was shot in half of the unit. Being a rookie investor with a great contractor spread way too thin this project has taken way too long but is almost done.

What made you interested in investing in this type of deal?

Great Cash Flow

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

Originally it was on the market for $179,000 and my Realtor kept following it and following it and advised me that the price was falling due to problems with the foundation. Eventually the price fell to $135,000 due to a foundation problem estimated to cost $75,000. The foundation specialist my contractor swore by said $4,000 to repair and to heat it just a little during the winter. I negotiated a price of $109,000 and the seller felt they had no option as I told them the foundation would cost $75,000.

How did you finance this deal?

Cash deal. My partner had cash from selling primary residence and I had cash. No mortgage was non-negotiable for my partner. I would prefer to cash out and buy more properties but peace in the family is most important and tenant will pay 80% of our bills.

How did you add value to the deal?

Once both sides are completed and tenant is in place and yard is back fully maintained(it was neglected for 10 years) the property should be worth its original value of close to $179,000 with about $149,000 into it so $30,000 in equity.

Lessons learned? Challenges?

I'd be more on top of my contractor. He's got great connections to electricians, plumbers, painters, etc. but sometimes he's just spread so thin it's hard. I've just purchased my second project and I'm going to ask him if he wants me to get some other people in to do some of the smaller things to make his life easier.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My realtor Charles Crannell of Peabody Smith Realty out of Franconia, NH is great. Peabody Smith Realty has several offices and lots of agents around the North Country of New Hampshire where I live and they're all terrific.

Thank you for letting me know this!  I will definitely look for this type of policy in the future. I was able to find a small company to work with and a policy that made sense that was way below the original $1825 I had mentioned. I believe the insurance agents that deal with investors just smelled blood with me as I did not know better. Glad I found one that was at least a bit better to deal with!