All Forum Posts by: Ashley Terenzi

Investment Info:

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

Purchase price: $385,000
Cash invested: $25,000

Our second house hack with using FHA! We have not had the opportunity to move in just quite yet. We are currently learning the eviction process from purchasing this property (we knew we would have to learn at some point). This house is 1,000 sq feet bigger than our first duplex and the yard is 4x bigger. We couldn't be more excited for this new adventure and live free of housing expenses!

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

Found it on the MLS listed for 400k and offered 385k. It was accepted a week later.

How did you finance this deal?

FHA lending with 3.5% down.

Lessons learned? Challenges?

First time evicting a tenant for not paying rent. It isn’t a difficult process, just time consuming.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Worked with Harbor One Mortgage for lending and the Norwood Group for the real estate deals.

Hi everyone! My husband and I just closed on our second duplex today that we plan on moving into since we purchased it with FHA. We inherited two tenants and here is our plan:

Tenant 1: We plan on asking for a rental increase.  We drafted the letter and we will mail it out tomorrow as a certified letter.

Tenant 2: This is the tenant we are asking to vacate the premises because we are going to move into that unit.  Our attorney guided us to do an eviction notice with the proper amount of time (30 days, we did 45) to have them leave.  

Our question is, do we have to do anything before we send these notices? Call them, meet in person with them, etc.? Please advise.

Thank you,

Ashley

Thank you @Michael Barnhart! Not sure when we will be able to take our next leap to a second property. The prices of small multifamily properties in our local market are very high right now and the numbers don't make sense for us just quite yet. Looking for different opportunities with different types of real estate!

Hi there, not sure if anyone is still on this thread.  My husband and I are house hacking a duplex in Pembroke, NH and we are currently looking into doing a second house hack.  Trying to figure out how to work with the prices of small multifamily units sky rocketing.  Would love to attend some local meet-ups if those are still around with everything going on!

Investment Info:

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

Purchase price: $308,900
Cash invested: $10,000

House hacking duplex.
Rehabbed second floor apartment and rented out.
Working on updating first floor apartment and moving out to rent it.

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

Wanting to learn how to manage properties and get our feet wet in investing in real estate.

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

MLS listing, negotiated the asking price down and had sellers pay half the closing costs.

How did you finance this deal?

FHA loan with 3.5% down payment.

How did you add value to the deal?

Rehabbing the apartments to raise rent rates.

What was the outcome?

Raised one apartment rent from $1300/month to our new tenants at $1750/month

Lessons learned? Challenges?

Learned how to do basic rehabbing with floors, paint, mudding, dry walling, installations, etc.