All Forum Posts by: Ann Bellamy

I have to make a couple of assumptions here, since you did not elaborate.
1. Assuming you are considering this as a rehab and flip, or as a rehab and hold for income. If this is the case, you cannot use an FHA that @Damian Bialonczyk noted above, since FHA is owner occupied only. 

2.  Assuming you are talking about a house that has already been foreclosed by a lender and is now owned by that lender.  These are called REOs, which means  Real Estate Owned (by that lender).  You can typically use a private or hard money lender for part of the purchase, but you will most of the time need a significant downpayment.    The property itself would be used as collateral.  If you have no cash for the downpayment, but have other assets that are NOT investment properties, then whether you can use your assets as collateral depends on the nature of the assets.  If you have other investment properties you can frequently collateralize those properties as well.  (Assuming you don't have other investment properties, though.) 

@Forrest Greene, Even a private party sale has to be recorded in the registry of deeds.  If it isn't, and you don't have the paperwork, then you are in deep S**t.

So 1st:  Check NHdeeds.com, choose Coos county, and look by name and date

If not there, go to the title company that handled the transaction, they will have everything you need.

If you don't remember the title company or didn't use one, then yes, this is trouble.  If you think that by handing someone money and having a piece of paper that you have since lost, that you have legal right to the property, well, this will be an uphill battle.  Is it possible that you signed a contract for deed instead of getting an actual deed? Can you go back to the seller? That seller could resell the property to someone else, record in the Registry, and now that new buyer would be the legal owner. 

@Richard Dale-Mesaros, were you able to help Forrest?

The vacancy rates in Jaffrey are low because they are low almost everywhere.  A rising tide lifts all boats.  The issue with Jaffrey is there is still not much in the way of jobs when the economy takes a turn for the worse.  My very first rental was in Jaffrey.  The tenant base is not wonderful.  You may have mostly section 8.   Personally, if I were going to invest in Jaffrey, I'd consider rehabbing and flipping duplexes right now.  You may have another year or so with this run of the economy.   I'd also consider Keene before Jaffrey, as the college provides lots of opportunity and activity. 

Just my personal opinion.

Go to an insurance broker, and at the same, ask VT Mutual for a quote if you have a property in an LLC, which then requires a BOP instead of homeowner policy. (Business Owner Policy), they are always more expensive.

There are lenders who lend on LTV based on cost, and some who lend on ARV, and some who combine both numbers. Perhaps you could be more specific. For me, it depends on your experience level. You can see some information and a few references here on BP.

I'll have a handout of what questions to ask a hard money lender.  And my presentations are always interactive, so come prepared with your own questions.  Looking forward to it!

I'm a huge animal lover and always allowed pets in my rentals, but I screened the owner and pet both.  I also didn't allow pets that were on the prohibited list that my insurance company supplied.  For obvious reasons.  If this bill passes, I can see most insurance companies refusing to insure rental properties in NH.  What a mess!

There are 2 keys:  Networking and doing your own marketing for deals.  On the first, start attending every group you can, especially the larger ones, because wholesalers frequently show up with a deal to sell, they don't need to list on MLS, if it's a good deal they sell it within their own network or at a meeting.  On the second, the best and most prolific real estate investors do their own marketing for deals, and get most of their deals that way, not the MLS.  They sell off the thinner deals to others as a wholesale.  :-) 

Reach out to @Marina Draper, she specializes in real estate investors.  You can also meet her at our Black Diamond events, because she helps us out at all of them.  She's also the speaker tonight talking about tax loopholes for real estate investors.  

Originally posted by @Patrick Chafe:

@Ann Bellamy Thanks for the recommendation Ann! Also, would love to hear more about the meet up in Burlington in Feb!

Feb 11, Burlington Marriott, 6PM, Topic is Wholetailing - Getting the most out of your rehab.  It will be posted here on BP soon or you can join our list to be notified.