All Forum Posts by: Garrett Hayes

From what I found to is that it is limited to a 60amp run. Each unit has there own electrical box and has some aluminum wireing copper wireing in them with knob and tube after the panels. I'm not sure how to fix the issue but am going to contact a electrican and my realtor. Any more ideas?

I did thought when u had a breaker box it was updated but I was wrong lol. Still new but learned some new stuff today. I'm gonna talk to my realtor after I look into the report more and try and get them to pay for it and il add it to the loan. I'm getting a very good deal on the property. Gonna get a quote first to make sure it is not a ridiculous amount to fix the issue.

So I have a 4 unit under contract and had my inspection today and they found knob and tube wireing in the basement that is live. There is 2 prong outlets in every unit 3 stories. I'm not sure what to do about this. I want to get a quote to fix it but I have a feeling the seller won't fix the issue.This is my first deal and can't afford closing and fixing all the wireing plus some other odd and ends. I'm thinking about pulling out but want your guys advise first tho. What shuld I do or what can u think of to fix the issue. Thanks

thanks I am viewing the property soon and will look very close and if I do offer then I will put a inspection contingency for sure. Thanks for the reply still very new

I'm looking into a 4 plex fully rented for 2700 a month between all 4 units but only selling for 65000 and building seams in good condition from the pictures. The property shuld have high cash flow so why would someone want to sell a building like this? Doesn't make sense to me. Haven't been to the building yet so the real condition is unknown. Anyone have expreance with this and the building is not a foreclosure. 

Thanks

@sean Callahan 

I would love to talk to you as well you can email me at

message me on here.

thanks for the reply I will check call them tommorrow thanks 

I have been pricing out multi family housing and found a 3 unit in for closure for 70k from the bank. The unit is  in a c- to a c+ market need some reapirs(under 15k on the high side) and other rentals are going for 750 a month with just water included. What I can't find is the vacancy rate and haven't look at insurance rates for the area yet. I am looking for where I can find the vacancy rates for the areas. Also if when you buy a Foreclosure from a bank is the loan processing time shorter then a normal mortgage processing time? This is my first deal I have looked into in more depth and if I would go thru with it I have enough cash flow to cover owning with no tenants for as long as needed.

If anyone has any more info that would be greatly appreciated.

Thanks 

Have fun!

@jeff w. I was thinking about doing a owner occupant but was thinking that I could make more and start with better cash flow using the whole building for income. I don't need to move out yet would like to in the future but keeping my future goals in mind I want the best layout i can make for myself. And yes there is many deals in the Biddeford area and am looking there writhing a 25 mile radius right now. I hear people say they found a deal on a multi family for under 80k and I can't find. Itching retail for under 110000 that looks decent. Still have to look in more areas(foreclosure and agents) just need to find the deal.

@robert labrie I am not a pro member yet very soon tho so I can't look in my area outside of 5 miles of my location. Doing some reasearch I saw there was a REI club in my area but haven't had a meeting in 4 months still sent a email to the contact and a forum post BP. I was thinking about going to a bank or lender and seeing what kind of loan I can get how much and at what rate so I can focus on a price range and know more info so I can get a betterunderstanding on the cash flow and return on investment. But didn't know if that was a good idea because I'm not sure when I was going to buy yet and have no property to show them.

Thanks and have fun!

Garrett H.

Is this still active the website says the last meeting was in September 2015.