All Forum Posts by: Josh Dillingham

owner financing, subject-to, private/hard money, find a local lender who will do 10% down. Those are the options that come to mind.

@John Underwood Thanks for the suggestion! I requested a quote from their website.  I like the idea of the camera being powered by the Ethernet cable so there is less wiring to do during installation.

I am looking to install 3 security cameras on the outside of my 5 unit building.  From my research so far Canary looks promising:

https://canary.is/ Does anyone have experience with this cameras or other suggestions for outdoor monitoring of a front and back entrance and parking lot?

@Kyle Huber I think the advice you are looking for should come from your attorney.  It is very specific to your situation and has large ramifications.  That being said in my opinion a camera in a tenants living room and kitchen is something that should have been disclosed and sounds like a legitimate reason to break a lease.

Getting a commitment letter from your lender first is preferred.  It will make your offers much more competitive if they have some assurance you will be able to close.  Find a lender, tell them what you are doing, provided them with all the information they require to determine if and how much they would lend you.  Then when you have a property you want to offer on have the lender send you a commitment letter (it will take them two minutes) for the price you are offering, no more.  If your lender has pre-approved you for $200,000 but you are offering $150,000 Make sure the commitment letter says $150,000 you don't want the seller to know they can get more out of you.

Home Depot offers project loans up to $50,000 (I think) at 8% interest.  You could get the windows through Home Depot and put them in yourself.

@Michelle M. I think the lenders your partner is talking to are mistaken. I got an FHA on an owner-occupied 3 family in Brattleboro, Vermont. And I can't imagine it would be any different in NH. You should be able to get an FHA loan for anything 1-4 units as long as it is owner occupied. Maybe the lenders your partner is talking to don't do FHA loans so they don't know the guidelines (or they are trying to steer your partner into one of their products instead) @Upen Patel at The Federal Savings Bank did My FHA loan, I highly recommend him, especially for a first time buyer, he is very knowledgable.

Kinney Pike is the insurance broker I use in Vermont to find me the best coverage and rates on multifamily.

www.kinneypike.com

@Ryan Blake the fact that you are asking the question means you want to do things the right way. but what that means in terms of an offer price is a personal decision only you  can make.  Also, keep in mind that until you actually see the house you don't really know what you are in for.

@Thomas S. I think he was quoting the purchase price for a duplex and the rental price for each unit, so that would put him over 1%, still not great numbers.  I have a similar situation here in Sothern Vermont, right on the border of NH.  properties are cheaper in NH but rent for less.  I look in both markets.  As long as you know both markets equally well it shouldn't be a problem.