All Forum Posts by: Chip Larson

Looking for a recommendation for a quality property manager in the Littleton, NH region.  Thanks in advance!

I'm looking to invest in multi-family properties in the metro Atlanta and suburban Atlanta areas.  I'd like to primarily target neighborhoods and communities with above average schools and below average crime rates....and preferably growing or primed for growth.  I'm an out of state investor and would appreciate knowledge and insight about areas that might fit this description.  Thanks in advance.

Thanks Cliff!

Thank you all very much.  I'll review the options with my accountant as well.  Very helpful.

Hi all.  I'm wondering if anyone has recommendations for electronic receipt / invoice storage compatible with Mac?  I think it's high time for me to move out of the stone age and stop keeping paper files and receipts.  Thanks in advance.

Investment Info:

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

Purchase price: $127,000
Cash invested: $143,000

This did turn into a beautiful duplex after our 10 month renovation. It was also a great learning experience. I learned a lot more about managing a partnership during this project and will learn from the mistakes made. However, I feel good about turning a vacant, distressed property into a beautiful duplex again and improving the community.

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

It presented as a good opportunity to renovate a property in the community where I live and was an attractive buy and hold deal from an investment perspective at purchase.

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

foreclosure.com. It was an REO and we became involved in a bidding war. I used the BP calculator to run my numbers several times to know what our max allowable offer would be.

How did you finance this deal?

Through a HELOC. We need to complete the garage renovation at this property and then plan to roll this into a commercial loan through my portfolio lender.

How did you add value to the deal?

This was a complete renovation of a duplex, interior and exterior.

What was the outcome?

It's a beautiful place. It was a very sought after property for renters as it stands out in the community.

Lessons learned? Challenges?

I learned a lot about partnerships and the importance of communication within them. We ended up being considerably over-budget and, therefore, the ROI will take longer. I partnered with a contractor who had a ton of experience as a sub-contractor, but not as a GC. Needless to say, we took our lumps with this being his first renovation as the GC. As a result of this experience, I've decided to invest more in larger multi-families moving forward.

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

Suzanne Walsh of Century 21 (Epsom, NH). She has been my buyer's agent for all of our real estate purchases since 2011.

Investment Info:

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

Purchase price: $127,000
Cash invested: $143,000

This did turn into a beautiful duplex after our 10 month renovation. It was also a great learning experience. We were considerably over-budget and behind schedule and, for that reason, it will take quite a bit of time to get a return on investment with this property. Additionally, I learned a lot more about managing a partnership during this project and will learn from the mistakes made. However, I feel good about turning a vacant, distressed property into a beautiful duplex again and improving the community. After this renovation I've decided to shift my focus to larger multi-family properties as I've come to understand that cash flowing a duplex in our area is quite challenging.

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

It presented as a good opportunity to renovate a property in the community where I live and was an attractive buy and hold deal from an investment perspective at purchase.

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

foreclosure.com. It was an REO and we became involved in a bidding war. I used the BP calculator to run my numbers several times to know what our max allowable offer would be.

How did you finance this deal?

Through a HELOC. We need to complete the garage renovation at this property and then plan to roll this into a commercial loan through my portfolio lender.

How did you add value to the deal?

This was a complete renovation of a duplex, interior and exterior.

What was the outcome?

It's a beautiful place. It was a very sought after property for renters as it stands out in the community.

Lessons learned? Challenges?

I learned a lot about partnerships and the importance of communication within them. We ended up being considerably over-budget and, therefore, the ROI will take longer. I partnered with a contractor who had a ton of experience as a sub-contractor, but not as a GC. Needless to say, we took our lumps with this being his first renovation as the GC. As a result of this experience, I've decided to invest more in larger multi-families moving forward.

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

Suzanne Walsh of Century 21 (Epsom, NH). She has been my buyer's agent for all of our real estate purchases since 2011.

Okay thank you all.  Good suggestions.  Yes, I always screen tenants with rent history, credit, criminal background and will never rent without doing that first.  Would rather keep a vacancy vs. rent to the wrong tenant.  Linda, I think that I do need to improve my pictures and perhaps wording on Trulia.....very basic add and probably getting lost in the weeds.  I've always had good replies with craigslist but not this time around.  Have also offered up finders fees but no leads there yet.  May consider dropping price a bit.

Looking for a little advice on advertising a rental.  I have a vacant 2 family apartment (part of a 4 family building) and am having trouble filling the vacancy.  The unit was recently renovated, rent is competitive (I didn't raise it above the price I got last year) and the location is very nice.  Supposedly the vacancy rate in our area is 2-3%.  Have never had to wait this long to fill a vacancy.  Advertising on Craig's list, apartments.com, imanagerentals.com and using a yard sign.  Any suggestions on how to get it rented quickly are welcome and appreciated.  Thank you.

Ok I will look into it.  Thank you!