All Forum Posts by: Andrew Robitaille

Investment Info:

Single-family residence buy & hold investment in Gilford.

Purchase price: $152,000
Cash invested: $14,000

Probate deal
Appraised for 206000
Purchased for 152000
Rent 1400
NOE 1100
CF 300

2b 1b
Unfinished basement with separate front entrance. Current renter only upstairs planning on finishing and renting basement as 1b1b for an additional $600/m

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

Great price with lots of potential.

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

Contacting probate law offices

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Adding separate unit in basement

What was the outcome?

Nothing yet

Lessons learned? Challenges?

Dealing with a bunch of siblings agreeing takes lots of time (4 months)

@Steve K.

It is in an HOA investor is paying $180/m in dues

I will look into the county records to check deeds thanks for that!

Has anyone else ever done this or know someone who has that I could connect with?

It's an out of state deal. Its a 12 building development. There are 4 single units for sale spread through 4 buildings, which makes me think this is possible. The 6 units I'm looking at make up an entire building and are only for sale together. Just not sure why the investor wouldn't sell them separately for the much larger profit.

Hey Bp Clan,

I have found a group of 6 townhomes in a 40 condo development. It's at a high price for rentals, however if I were to sell them independently it would make it a home run deal. So my question is, is this even a possibility? If it changes from place to place or HOA from HOA how do I find the information? I have tried researching this and cannot seem to find any information. I'm not sure if maybe I'm not wording the question correctly or not.

Thanks in advance for any and all advice!

-Andrew

@Clayton Murray

New Hampshire is a great place for rentals! It’s landlord friendly and you can have several strategies.

My rental was a probate 1200sf 2/1 with unfinished basement with its own entrance in the lakes region.

I finished the basement as a second unit and separated the two spaces.

Because it’s in the lakes region I decided to rent the upstairs 2/1 to full time tenants covering all my costs.

I do short term renting for the downstairs( I think the winter it’s close to gunstock (ski area) and not too far to several other ski options. The fall has the leaf peepers from conn and ny. The summer there is bike week in Laconia and tons of lakes.

My short term rents double sometimes triple my cash flow!

The one issue is property taxes can be high so just make sure your numbers work.

Good luck!

Does anyone have a good local bank or credit union in Denver area for refinancing? My wife and I are looking to take a little bit of equity out for down payment On rental property.

Thanks for reading my post!

Thanks for your reply’s! @Ann Bellamy thanks for the great info! @Nathan G. I have no intention of managing the property, however I also have no intention on buying a property somewhere that someone can stop paying rent and I cannot evict them for several months due to state laws

Hey everyone! Quick question, I am looking at a rental in NH (where I grew up and my family and friends are) but I’ve had a few people tell me that you cannot evict tenants in the winter time and if you get bad tenants you have to bite the bullet until spring.... seems like bull but since a few different people have told me I’m now curious. I didn’t read anything about it when I read the statute does anyone have any experience with this? Thanks for any and all replies!!

I agree with @matt m. Hold onto until amazon makes their decision. Then 1031 and do multi family but not here its to expensive to cash flow especially out of state investing. I think holding on long term isn’t a great idea especially with an HOA that can add random assessments and will hike up dues with inflation. Which property is your condo in if you don’t mind me asking?

What is market rent in that neighborhood? How much to bring them to or above market?If it cash flows I would hold on to it for the long haul. You won't get your full return back immediately, compare it with COCR. And if you got it at a deal and could sell it for 100k profit you'd come close to getting full money back with a refi