All Forum Posts by: Annie Gillespie

I have a 2004 a4 1.8t Quattro manual that I picked up for under $4k, great in the snow and if I'm careful I can get 35+mpgs. Only downside is if you don't have a good mechanic that you trust repairs can get expensive.

Just from personal experience I have family in Rockville, Maryland and their house has asbestos shingle siding, it is painted over and hasn't been an issue, the majority of homes in the neighborhood also have the asbestos siding. 

Just believe it is ok to leave intact with paint as long as it is not damaged, or vinyl side over.

we plan to be up there by this winter hopefully and will plow with our personal truck,

I'm more guessing the vacancy based on what most other people have been using on here, 8% seemed like a safe number. Manchester seems to be a growing city and its on nice street so hoping to keep vacancy low. 

I am just hoping I am not getting myself in over my head! Since we are still out of state and have never landlorded before. Along with worried about maintenance costs. 

Thank you everyone for your replies, I am the kind of person so second guess myself a lot! 

yes they're paying heat and electric, only thing I will be paying is water/sewer and 1 meter for the common areas. 

The seller isn't giving me any information which is frustrating.

Hi everyone, my husband and I are under contract on our first investment property, it's a triplex in Manchester, NH

We currently live in Connecticut, and I planning to owner occupy the property within the next year depending when everything aligns with work and selling/ possibly renting out our current house. It is about 2 1/2 hours from Manchester, nh.

We made it through inspection, it is a 100 year old house and needs a roof before the winter, I am figuring it should be about 15kish, but haven't gotten quotes.

Putting 3.5% down with an FHA loan the p&i +mortgage insurance are $1200 a month taxes and insurance put it at about $1700, then $400 for maintenance/capex, and $100 for water/sewer and house electric, 8% $244 for vacancy.

Current income is $3050/month, after calculating for maintenance, vacancy, capex I figure we should cash flow around $600/month. Or $200/door

The current owner has been bad about getting us documents, we have yet to see the leases, which is making me nervous, and the cost of the roof being an unknown is also worrying me. Along with we plan to self manage from Connecticut until we owner occupy in the near future.

I'm not sure if I should move forward at this point or am jumping in to it without enough knowledge. The current owner also hasn't provided us with past utility bills (water/sewer and electric meter for hallways/coin ops). Am I missing anything for expenses?

thanks so much for both of your responses. We only plan to owner occupy for 1-2 years and then continue to own it solely as an investment, that's why I am calculating as not being owner occupied. 

It is the property on bell st, I was skeptical of the area when looking on google maps, but after driving the area I feel good about the location, it's the only older property on the street the rest are newer townhouse style duplexes, and some single families on the street behind us.

We just went through the inspection today and the property needs a roof before this winter, and has 3 layers of shingles on it, along with a couple other issues, but it is structurally sound and has newer electric/plumbing/furnaces/water heaters.

The owner has already moved to Florida and is trying to sell off his inventory so hopefully the price can come down a significant amount to cover the roof, otherwise we will probably walk away and continue to look.

Yes, found it on the MLS, I looked at a few different properties, it seems like any good deals on duplexes and triplexes are going very fast right now.

it's pretty close to market value, I'm factoring high on maintenance to account for having to do a roof in the next couple years. 

And yes costs are monthly. We are getting 3.6% but have to pay PMI due to all FHA loans require PMI even with 20% down. I would prefer to put 10% down anyways to keep our reserves high to buy more properties.

Hi everyone, I am under contract on a three family in Manchester, NH, I feel pretty good about the numbers but would like some reassurance that I'm not underestimating and its a deal worth going through on. My home inspection is tomorrow so I am getting nervous. 

2 units are currently rented, one 3 bedroom at $1200 a month, and a 2 bedroom at $650 a month, we plan to owner occupy the 2 bedroom rented for $650 which is under market, it should rent for $800, once the lease expires we will give them notice and take over the unit. There is one vacant 3 bedroom that should also rent for $1200. I am analyzing this as if it was fully rented at market value. The building also has a coin op washer and dryer, I am not including this as I am not sure how much money they will generate. 

total rent $3200

purchase price $232,260 ($237,000 with 2% seller paid closing costs)

mortgage: $1,100 ( we are doing 10% down with FHA, this is including the PMI)

taxes $389

insurance $127

landlord paid utilies ( water/sewer and house electric meter for common areas): $80

maintenance/capex: $500

vacancy: 8% $256

Cash Flow montly: $748

From what I have read most people on here are aiming for $200 a month per door this exceeds this requirement 

Cap rate 9.56

Cash on Cash return ($8,976/$23,700): 37%

This seems like a solid investment to me, its an older building, built in 1910 which is common for the area, but the basement and structure seems to be in good shape. Newer vinyl siding, windows, units are updated and in good condition. I will probably invest $1000 to improving the current area for coin op laundry to tenants use the area as opposed to going to the laundromat, and it could probably use a roof with in the next 5 years which worries me. 

Once we owner occupy we will be doing snow removal/lawn care ourselves which will help reduce costs further.

What does everyone think? Do these seem like realistic numbers or am I underestimating costs?

Hi everyone, I'm new to this forum and haven't posted but have done a lot of reading! This site is so helpful and has given me so much knowledge. 

I am under contract on my first property, its a three family in Manchester, NH. 2 units are rented, 1 is vacant. We met the tenants in the 2 occupied units and both seem nice and units are well maintained, they are both current on rent.

I am excited and nervous! My husband and I plan to manage the property ourselves, we live about 2 hours away currently, we are buying in New Hampshire due to the fact we plan to move there within the next year. 

I nervous about the process of renting out the vacant unit, and creating a lease to use. Would my best bet to be meet with a lawyer to create a general lease to use on all rentals in the future? How should I go about tenant screening? Are their websites people can recommend for doing background and credit checks? The property is in a B area so I should be able to get decent tenants, and want to make sure I screen properly. 

How many hours are usually invested in filling a vacancy?