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All Forum Posts by: Alexander Crocker

Alexander Crocker has started 5 posts and replied 8 times.

Thanks for the response @Eric Miller. I think that's the direction I'm leaning towards. 

Hello all,

I have applied for a 85% LTV HELOC from PenFed Credit Union on a 4-unit multi family that I owner-occupy. I plan on using the HELOC as short term debt towards purchasing/renovating more real estate. After the newly acquired property is stabilized I would then do a cash out refi to recover my personal funds and pay off the HELOC debt.

I am having trouble deciding if it would be best to apply individually or jointly with my spouse. If we apply jointly we have a lower debt to income ratio and are able to borrow $220K. If I apply individually I qualify to borrow up to $170K but my wife's credit won't be affected. This could be useful when it comes time to refinance.

Any advice would be greatly appreciated. 

Post: Getting started in New Hampshire Real Estate

Alexander CrockerPosted
  • Hudson, NH
  • Posts 8
  • Votes 0

Hello Syed,

I purchased a 4-family house hack in Hudson, NH January of 2018. If you are looking for an agent to use I would strongly recommend Matt Lefebvre. He did a fantastic job guiding me through the process of buying my first investment property. 

@Matt Lefebvreundefined

I have a dilemma involving a common area laundry room. I own a 3-unit multi family that has a laundry room connected to utilities I pay for. My tenant on the second floor has had this room all to herself for the past 6 months. This is because the first floor has their own in unit laundry and I was renovating the third floor. I informed the second floor tenant that the third floor tenants will be moving in this week and to please keep the laundry area clean out of courtesy to the new tenants. This went over like a fart in church. She is complaining that I never mentioned she would need to share with other people and it is an invasion of her privacy. 

Although I should have made this more clear I thought it was obvious since it is not in her unit and is located in a common area shared with the other tenants. The lease doesn’t state anything about laundry. Perhaps a mistake on my part. Sh is requesting I install additional washer and dryers in the room for the other tenants to use. This seems like a ridiculous request to me. Any advice on what I should do would be greatly appreciated.

Post: Contractor Incomplete Job

Alexander CrockerPosted
  • Hudson, NH
  • Posts 8
  • Votes 0

Hello All,

I am looking for some advice on how to handle a disagreement I had with a contractor.

I hired someone to do a small apartment renovation consisting of kitchen cabinet replacement, installation of new flooring, window repair, trim etc... Originally the quote I received was to do work after drywall had been installed and that I would prep for drywall installation which involved tearing out a small amount of trim, debris removal and some minor framing. I decided it would be best to have the contractor do prep work as well so that he would be responsible for the project going smoothly throughout the process.

This was going to be added to the initial quote and the agreed upon price was $800. At the time I felt $800 was quite high but I accepted considering I thought he had actually underbid the rest of the project. 

He completed the first phase of the project without updating the contract so I have not signed anything. I figured he would add it in later. Prepping for drywall took him one 8 hr day with two workers. The next day I get a text from him explaining that he has other obligations and cannot continue with my project and wanted to be paid for the days work and call it quits. 

I feel totally screwed over since I will be forced to find another contractor last minute which will delay the project into winter. He was also asking for an extra $200 since he did some extra work removing carpeting. 

I feel like I was ripped off since I would have never hired him to do the first phase of the project if he didn’t intend to finish it. I also feel like $800 for one days work of mostly unskilled labor is ridiculous.

Is negotiating the price after the job was completed a scumbag move or do I have the right since he did not finish the job? I definitely want to pay him what the job was worth ($600 tops considering there was no skilled labor) but after he left me hanging out to dry I am hesitant to pay him the full $800. I feel that dropping out last minute because other obligations got in the way is very unprofessional and inconsiderate. The delay he caused the project will cost me in missed rent and it will be difficult finding a tenant in the winter.


Originally posted by @Account Closed:

Nothing you can do to limit guests at the property.   

Best case you get rid of the mother at the end of the lease term.  

Only way you can get the daughter banned from the property is if there were cause for it.  And drug use isn’t enough.  Plus not worth the hassle.  You could talk to the mother and make sure she understands that the daughter my not stay overnight at the property.  And if she does you will be forced to evict all of them.  

 I have them on a month to month lease so I can always ask them to leave if it becomes a problem. Thanks for your input.

I am currently house hacking a four-plex in New Hampshire. When I purchased the property I inherited tenants in two of the units that were related (mother in one unit, daughter in the other). Within the first few months of owning the property the police were there four times for the daughter. Two occasions were for heroin overdoses and another for a restraining order violation. Needless to say my introduction to being a landlord has been interesting! The funny thing is it’s actually in a great area and I have never seen any police activity besides the issues at my house.

I was able to get the daughter to move out without having to go to court about a month ago. The mother always paid the daughters rent and never missed a payment but allowing her to stay was an obvious liability. The mother is still living on the property along with her boyfriend. They are both good tenants and I would like to allow them to stay.

My problem is that the daughter occasionally shows up on the property to use the shower and laundry machines in her mothers apartment. I really don’t want her on the property at all and am planning on talking to the mother about it. I’m worried I may be too cruel not allowing the mother to have her own daughter in her apartment but I am more concerned about having a heroin addict bringing sketchy people around the house. I would like to get others opinions on the best way to go about banning her from the property.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Hudson.

Purchase price: $400,000

Property consists of a three unit multi and a separate single family residence. I am living in the single family while renting out the other three units. After each unit is renovated and rented at market value It will cashflow $500+ with me living there

How did you finance this deal?

FHA with 3.5% down

How did you add value to the deal?

Currently doing a full gut rehab on a 3 br unit.

Lessons learned? Challenges?

Underestimating renovation costs and paying them out of pocket will delay the purchase of my next property. I am interested in BRRRRing my next deal.