All Forum Posts by: Douglas Krofcheck

What are the 15k repairs vs the 50k ones? Sounds to me like you may be ignoring deferred maintenance issues while assuming someone getting a sudden 54% raise in rent isn't going to be pissed at you. I definitely wouldn't tolerate an increase like that without improvements.

Is December the only month they're missing? Are they taking good care of everything else? If there's no damage and they can fix June and pay for July then perhaps you can assume the security deposit will cover December and keep them longer. There's little point in a term lease if you're going to evict for non-payment. Let them know you won't tolerate any more mistakes, give them a pamphlet on housing aid in your area, and stop collecting checks . They lost that privilege when they bounced one. If there's cheaper housing in your area suggest they'd have an easier time if they moved and don't fine them for moving out early. Perhaps even pay them to do so. That's cheaper than them destroying the place during an eviction.

If you can still cash flow at 25% over asking then do it.  If not then don't.  Since you're investing for an income stream that's what you should focus on, the total price is less important.  Other investors might be looking for higher returns since they're looking at a larger market than you and already have other performing assets.  Or maybe they were only after appreciation.  Who knows.

You really should ask your lender before you get three families kicked out of their homes for no reason.  The seller will also be pretty pissed at you if he vacates his tenants and you end up canceling the contract due to not securing funding.  The lender is paid to work with you, ask them.

You don't qualify for the loan because you don't have enough money, not because the rents are too low.  Are you going to be able to handle the property if you can't get new tenants to move in or if one apartments always ends up vacant?  What if the tenants damage the property on move out?  If they stuff things down the drain pipes or inside the walls you could miss that during your finial inspection.  You should have a reserved set aside to handle that in addition to whatever it takes to buy the property.  You can certainly take the risk, but just be aware that the risk exists.

I'm about to start my house hacking career and will be self-managing my properties (no LLC yet too). I don't want to need all the tenants, services, and family to update my mailing address each year so I've begun looking into virtual mailing services such as Traveling Mailbox. My primary requirement is to have one address able to receive bills and regular mail while I physically move state to state.

My secondary nice-to-have is to also be able to pick up packages or receive them securely. My soon-to-be first property isn't located in an area where packages can be left by the door and not be randomly stolen. I know you can buy secured boxes to put near your door or use an electronic door lock (there's an enclosed porch) and provide shipping companies with the codes. I tend to buy a lot online and I don't see that stopping. Occasionally I buy oddly shaped items which won't fix in a secured box, such as a dolly I just ordered. I haven't asked the existing tenants what they usually do nor if they'd welcome 3rd party access to the front common area. I plan to ask after I move in.

Do you guys have any experience using special delivery instructions? How often do shipping companies follow them?  Perhaps I should use two virtual address services: one in any location and one within driving distance for packages, though I'd rather not pay for two addresses if I don't need to.  Has anyone found a virtual address service which most online companies will ship to and lets you change the physical location without change the shipping address?

(I assume I'm going to use Google Voice for virtual phone numbers but I haven't started researching that yet. Additional email addresses are trivial to get.)

Thanks in advance for your advice.

Originally posted by @Tim Dolan:

Lastly, even if it 100% your property, Nashua does not take kindly to inventing new "curb cuts" or driveway or blocking the sidewalk or the City's / public works / utilities easement on to your propert

The car fits so snugly between the two square buildings you won't see it unless you're walking past the entrance, so no concerns on an ugliness factor.  It doesn't stick out onto the side walk.

I've been reading through the laws and a corner can't have a curb cut within 50 feet of it.  The property is at a corner and only 50 feet wide.  So much for that.  I assume I could ask for an exception, but at this stage of the game I need to assume I won't get one.  There is the parking lot on Elem St and it looks like you can park on the top level overnight.  I'll have to call during the week to see how full they tend to be.

I verified the current deed's measurements using Google Map's measurement tool and it matches the GIS data.  The other properties look like they go with their driveways, so I don't feel the need to look back through the deed history.

This property would be an excellent house hacking project for me, except for the parking.  It doesn't cash flow well, but being a stand-alone building I wouldn't need to worry about making a lot of noise early morning and I'm willing to pay for that.  I tend to be active at night and staying quiet has been restrictive.  But I need a car to get to work.

@Ann Bellamy, yes it's on one of the tree streets.

Is real estate going to be your primary occupation?  If so, why are you gaining student loan debt in college (I'm assuming you're not in high school)?

When I was in college, one of the students biked around campus selling cookies his girlfriend made.  2 cookies, 1 buck.  Text him and he'd be there within 15 minutes.  The cookies were good and the people made a lot of money.  

In another part of campus there were a lot of apartments yet landlords only had one dumpster far away from most people.  A few of students went around and posted notices that they'd collect your trash and throw it away for a small monthly fee or a larger single day fee.  Many signed up. (and everyone disliked the corporate overlords)

Find some way to help people out and then charge them a little bit for it.  You can make a surprising amount.  If being a personal trainer is good enough then ok, keep at it.  Don't forget to minimize your expenses.  Play on someone else's console instead of buying your own.

What type of real estate do you intend to do?  Wholesaling, flipping, rentals, turn keys, etc...

Great, thanks.

Found the deed and was measuring out the instructions through Google Maps.  Verified with the GIS tool.  Thanks guys.

That fake driveway is what they were referring too.  You're allowed to store a vehicle on your property so I believe it's legal to keep a car there, but I don't know about driving up the sidewalk every day.  I'll have to search around for the laws about making a driveway.