All Forum Posts by: David Bennett

Hello, 

I live very close to a property that has been vacant for a couple of years and, in my opinion, would be a make for a good wholesale deal. I've researched the property on my town's registry of deeds and found the current holder of the mortgage (Nationwide, if I recall). I called the mortgage company with the hope that someone could tell me how to purchase the property. The response was "you're not listed on the mortgage, have a nice day". Ok, about what I expected. So, then how does someone go about making a deal with a bank- (or mortgage company-) owned property? I wouldn't be surprised if this question didn't have a simple or brief answer so I appreciate any and all feedback!

thank you 

-Dave

Hi, 

I'm considering a seller-financed offer for a 6-unit apartment building in NH. I know the landlord and I believe he owns the property outright. Because I cannot (easily) come up with the necessary down-payment I am considering various seller-financing offers as follows: The owner has listed the property for 365k.

1) 275k over 10 years at 5.0%: 10.5k down; total interest=73k; total cash to buyer=353k;

2) 325k over 15 years at 4.0%: 10.5k down; total interest=104k; cash to buyer after interest=429k;

3) 350k over 20 years at 3.0%: 10.5k down; total interest=112k; cash to buyer after interest=462k;

This is a naive offer by default because it's my first seller-financed offer. Therefore, I'm sure there's something I'm missing or, more likely, the interest rates I'm offering are not appropriate (?). I'm keen to hear any feedback from others here at BP regarding the merits and/or faults of this offer. 

thank you!

-Dave

Hi Richard and Brett, 

thank you for your replies, this is very helpful information. I started out thinking of going into SF because SF is what I would like to rent if I were searching for a place to rent for myself and/or my family. Also, a couple of good books I've recently read (Weekend Millionaire and HOLD) both suggest sticking to SF if your investing model is buy&hold.

However, I'm getting pushback from a MF investor friend of mine and also from a property manager I've recently contacted. I see the cash flow argument for MF but I like the claim that SF are easier to sell if you need to sell for some reason (or if you're ready to cash your SF portfolio in). 

Thank you again and best regards

-Dave

@Shaun Reilly: I'm surprised to hear there is a lack of inventory in Southern NH. Are you also considering Nashua/Milford/Amherst/Merrimack area? 

Hi, 

I'm new here, so this question may be naive or probably very vague: I'm interested in single-family or multi-family investment opportunities in northeastern MA (Methuen, Billerica, Chelmsford, Dracut, Lowell) and southern NH (Salem or Nashua). I'm interested to hear feedback from people who may have experience investing in these regions: for a beginning buy&hold investor, should single-family of multi-family properties be targeted? 

thank you for any feedback 

-Dave

Hi All,

I'm a new member here and doing due diligence by introducing myself. I claim to be a "mostly new investor" because I currently rent my former primary residence (single-family) in Worcester, MA and I manage a relative's rental property. BUT, I have yet to purchase a true investment property so, here I am, trying to learn from experienced people and planning to do things (buy and hold) the right way.

I look forward to chatting with whoever has an interest!

Best wishes

-Dave