All Forum Posts by: Chris Hanisco

@Chris Hanisco

Since you are rural, you could also look at having 2-4 unit built to suit for a similar price or maybe less potentially. Might get more income from a building that is brand new.

I am a single mom and purchased a two unit.  I made the other unit a fully furnished short term rental for traveling nurses in the winter and Air BnB during the summer.  I made a lot more money than renting it unfurnished. I  actually lived for free and made a couple hundred a month.  It does require more work this way but have had a lot of success. 

@Chris Hanisco sounds like a great idea! No matter what you decided to do with your REI after this if nothing else you have someone else paying some/most of your mortgage for you! I would talk to some mortgage lenders because I believe you can get a conventional loan for as little as 5% down with good credit and the PMI will drop after you've reached 20% equity. Don't quote me on that but that would save you 5% and not have to worry about re-financing to get rid of PMI. Good luck!

@Chris Hanisco, this sounds like a pretty good deal. Since you are living in it, I would also ask the mortgage broker about the possibility of an FHA loan so you don't have to put much down. As far as the tenant who won't let you see the other unit, this is pretty common when you are selling small multifamily because tenants are often afraid the new owner will kick them out to live in their unit so they make it difficult for the place to be shown. I dont think its a big deal, but since you would be living there with your kids I would ask the seller to see the screening reports for the existing tenants. Best of luck to you.

@Chris Hanisco. What is this chart thing you have here ? Where did you get it ? Please .

Let us know if you get the house!

my parents made mistake and got two family hause with cousines one at first they at second storey with one door to building. After 30yrs cousines become angry for not know reasons and war started. It was a hard time....

Remember to have seperate doors to both units.

@Chris Hanisco

After my divorce in 2011 I pulled the trigger on my first duplex. I lived in half and my tenant covered the entire mortgage and half of escrow. Really got me back on track. If the financials meet your criteria then go for it.

Btw, I still own the duplex and the SAME tenant remains and has never missed or been late once.

@Chris Hanisco  
I have now purchased two multiunits (also in NH) and each time I've put into the agreement that the landlord needs to get them out prior to escrow. 

For one building (a duplex) it was because of unsavory tenants.
For the other it was because I was going to list it on Airbnb. 

As the prior owner had a relationship, it saved a ton of aggravation on my side .... 

So reflecting back to all the comments on the 'correct rents' in your area - if you're sure that the rental amounts are NOT up to standard - why wouldn't you want to start with an empty building, make your repairs, and then rent 

Or kick the one that won't show you their unit ... move into it while you fix up whatever's needed over the first few months, while you're raising the rent on the other side. 

Another comment regarding washer/dryer units. I'm studying for my RE agent license by a fantastic guy (Jim Berry) with 40+ yrs of landlord/RE agent experience. His comment to me was that if there is a common area to put washer dryers, put in coin-op ones and charge the going rate. I didn't see reference to that

Additionally ... something you might wanna convince your carpenter boyfriend to buy with you would be the FLIR ONE PRO LT attachment for your smartphone ... you'll be able to learn a lot about your building (and everyone else's!) for around $400 ... and your kids will have tons of fun playing with it.

PURPLE = COLDEST
WHITE = HOTTEST

Obviously, on the outside, the LEAST insulated part is supposed to be the WINDOW. On this house, the BEST insulation is the window. Losing tons of money.

Cold air coming in around the door.

My wife and I are loving the passive income, and highly applaud it for all. 

I'd love to 'friend' with any/all that think it could be of interest

@Chris Hanisco

My best advice would be that as soon as you’re approved make the offer! You can analyze and back out during the inspection period but you can’t do anything if someone snags it first!

Also, I’d scope the main line during inspections if there are any trees around. I learned this one the hard way in a personal investment. Major repairs shouldn’t generally cost more than 5k and a good warranty will cover most if you choose that route, but a main line collapse might not be covered and can get really expensive. That $300 could provide a lot of peace of mind!