All Forum Posts by: Kim M.

I have a tenant who's looking for a place to live. She's a friend, and I would absolutely house her if I had a spare Unit available.

She needs to find a decent, reasonably priced Unit somewhere in/around Tewksbury, MA, Lowell, MA, Westford, MA, Littleton MA, Nashua, NH, Hudson, NH; Merrimack, NH, Manchester, NH. Surrounding communities are obviously welcome.

There's an additional possibility that she would entertain an apartment possibly in points North of Concord, NH. and up to Woodstock, NH. either now or within a year.

She's seeking a possibly 6-9 month lease, because her job may change. She'll know in Appx. June of '24 or so whether she'll look to move or renew.

She's looking for a reasonably affordable studio or 1Bed. If you have the Unit and can stomach maybe a 6 month lease with a Month to Month thereafter, OR a 6-9 Month Lease beginning in January or February, that would be ideal here. This might be a quick portion of your BRRRR strategy. All good. Happy to structure the matter so it works out in a mutually beneficial manner.

I would welcome anyone to contact me with ideas, thoughts, or questions.

Thank you and Best,

Steve

0 Votes

Manchester, New Hampshire

Hi Erick! Using FHA does put you at a disadvantage for sure. In fact, just the fact that you will be putting a low amount down somewhat already has you at a disadvantage. You didn't mention if you have sold that 3 family or not. If not you have options. Can you take out an equity line of credit against the first investment and use that as leverage?

Do you have an agent assisting you with this second property? They should have some suggestions for you as they would know what's available in your specific area.

2 Votes

Definitely take Mike up on his offer. Every city has its nicer sections, right? While the North side has some beautifully kept older homes and is less risky, the more attractive properties from a cash flow angle are less likely to be found there. I had a larger residential in 02724 which is closer to the Tiverton, RI line and not the worst part of town, newer building, yet I’d still rate as class C due to the demographics and if it had been my introduction to property management I’m not sure I would still be saying it was the best thing I had done at that time. There’s great opportunity but plan to be thorough with due diligence and carefully analyze your ability of involvement through self-management vs. relying on others for those tasks you rather not be burdened with.

0 Votes

I’d say class C property. If you manage it properly and choose your tenants wisely you’d be ok. Lots of drugs in the city so either plan on keeping a presence and maybe surveillance cameras or run your numbers so that the building will afford you a good management company.

1 Vote

All Forum Posts by: Kim M.

Kim M. has started 0 posts and replied 4 times.

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