All Forum Posts by: David Durgin

Hi Guys,

Just wanted to throw my name in the mix here. Closing on a single family on Observatory in May and looking for a multi family purchase after that. I'm extremely positive about what is happening in Haverhill right now. Good to hear other's are investing. Almost closed on a rehab on Hamilton this year and I posted about it but I was beat out by a cash buyer so we took a break to buy the family home first.

-Dave

Lost out to a cash buyer today. 

Was it you Matt? Haha. Maybe I shouldn't have posted this on here! 

Oh well, on to the next one.

Dave

Hey Matt,

Put in an offer, waiting for reply. Ended up being able to go conventional and we'll actually have $40 to 50K so we'll be able to do more and have no PMI. We are familiar with Haverhill. Hamilton Street is nice but I know it turns quickly nearby. I was able to find pictures of the other side on realtor. It is already redone and absolutely beautiful.

This will be a, sort of, live-in flip. I supposed "house hacking" might be the appropriate term. We wouldn't be looking to sell in the immediate future unless we end up with more equity than we are estimating after the remodel. Was able to speak with an experience MA electrician and he told us 25 to 30K is much more appropriate to rewire a house this size (and this age) which we are still comfortable with. My main goal with this house is to give us experience with a remodel is a less risky way so we can start looking for our next one knowing a bit more.

Thanks for checking in. I'll post an update when I know more. They could just say no...haha.

Dave

Hi,

About an hour away from putting an offer in on our first home. House is selling for $170k. This is in Haverhill, MA, in a good area, for a 5 Bedroom, 2 Bath house which is a pretty great deal for this part of the Northeast. We know it needs to be completely rewired electrical wise and the bathroom and kitchen need some work but the house is very livable. 27 Hamilton Street, Haverhill, MA has a few pictures on Zillow. 

We are going to go in with a 203K loan hopefully with $35,000 over to get the electric done up front and replace any old windows. Any leftover might go to kitchen or bath if we feel there is enough to really accomplish something. We are approved for much more than $210k on a traditional loan so this would leave us with a monthly mortgage we are very comfortable with.

I've read a whole lot about this stuff. Listened to quite a few bigger pockets podcasts as well. With no underlying problems, a house this size goes for quite a bit more than $170k in this area. Obviously I am nervous as all hell as I am not stupid. Anyone had electrical rewiring experience of this size (2500 sq ft)? Successes, failures?

Basically...try to talk me out of this....

Thanks,

Dave