All Forum Posts by: Alecia Loveless

@Blaine Kosek I vote duplex. I’m sure with having other properties you have experience vetting tenants which would be my major concern, 2 sets of tenants instead of 1.

But all things considered over time with urban sprawl this duplex may end up getting some appreciation depending on how long you hold it if more people move away from the city.

And as others mentioned if one set of tenants leave the other set pays some of the bills if not all of them.

@Christopher Cordero I just locked in a rate of 3.5 for an investment property yesterday which obviously is higher than the current rate for single family which I heard has dropped around 2.67 and probably higher than second home rate which I do not know. I don’t think it’s terrible although it could have probably been better had I shopped around more. It was a local bank that will not be selling my loan and I regularly do business with them so I was ok with this rate. You might do better with your 5 bankers.

Unless you actually plan on using the home several weeks/months a year I wouldn’t do the second home loan myself.

@Jody Dobson The first thing I look at is the size of the bedrooms and how many there are. I’m not necessarily opposed to 2 bedroom houses but they must be priced accordingly. I prefer larger bedrooms rather than standard 10x10 bedrooms that are common in my area as I feel that’s important to my tenants. The second thing I look at in my state where the only real tax we have to fund everything is property taxes is the property taxes on the house as they can vary as much as $3,000-$4,000 for houses in the same price range and that can definitely eat up your cash flow.

@Felix Stone. For several years I’d been “about” to sell a bed and breakfast I owned and lived in but hadn’t finished all the necessary upgrades on. I was bleeding money left and right because I wasn’t running it. Then, right next door a duplex came on the market that I knew was overpriced. I offered on it 3 times over the course of 6 months. All the other buyers believed it needed foundation work but my expert said no it was fine and told me it only needed some insulation and a heater. I was able to buy it for $75,000 under the original asking price, got the B&B on the market, renovated one side and rented it to the perfect tenant and moved into the second side. I now collect rent that pays for all my living expenses, including my cable, internet, and heat for the whole building which is important in Northern New Hampshire, and have been able to buy other properties from the proceeds from the sale of the B&B.

@Esteban Jimenez I work overnight so nights I’m working I spend about an hour on the forums. If I get a good lead then I spend a half hour or so on the calculators.

Alecia

@Orlando Ortiz I just locked in at 3.5% for a 4 unit non-owner occupied that might be a little high but it’s a small community owned bank that will not sell my loan.

Alecia

@Jessica Stevenson Hi Jessica, I’d definitely be interested in the Facebook group. Also, if you personally as a realtor have any sort of mailing list for your clients, or work with investors I’d love to be included for the future. I’m located in the White Mountains and my investment opportunities are limited locally so I would be open to expanding my portfolio into a wider region if the right properties came available.

Thanks! Alecia

@Miranda Micire Hi. Although I’ve been dabbling in real estate for the past 20 years, I’d gone down to one property in 2019 when I decided that I was ready to get serious about my future and leaving my W-2 job so I decided to get serious about real estate again.

I’d love to network with other like-minded women who are interested in real estate as I live in Northern New Hampshire and the closest meetups are about an hour and a half away. Obviously now they’re Zoom meetings and such but until this week I was working second shift which made the meetings impossible for me to attend.

I’d love to hear what you’re up to with your new business and how you invest or how you’re involved in real estate.

Alecia

@Andrew Bravo I’m in the same position. For my first two properties I’ve used OPM to cash finance the deals and then had off the books mortgages that were handled with my personal guarantee. One has been paid off and the second should be soon. Now I am under contract for a 4-plex and have made the decision to go with my personal bank which is a fairly local bank. They probably have about 20 branches, so it’s not tiny but still not a national chain. I feel confident in this decision as I’ve had accounts with them for 24 years and keep a decent amount of money with them.

I feel that the decision between a small bank and a large one is a personal decision that only you can make but one you must feel comfortable with once you’ve made it. Knowing my bank won’t sell my mortgage but keep it in house was one of the deciding factors that helped make up my mind. Also having the ability to call a person who is vested in the outcome if I ever have a problem was another deciding factor for me.

I hope this helps!

Alecia

@Grace Esteban I give my tenants little gift cards but expect nothing in return. Sometimes they give me something in return for my friendliness and service throughout the year.