All Forum Posts by: Kevin Kovalsky

@Axel Ragnarsson  Messaging you a recommendation

@Erik Pfundstein  My wife and I are multi-family investors in Manchester and would be happy to connect.

There also is a meeting in Nashua on the 3rd Wednesday of every month.  Find out more Here or contact @Gal Peretz

@Lucas Croteau Welcome to BP!  I'm a multi-family investor in Manchester.  Check out the podcasts under the "Learn" menu.

Additionally, I recommend attending several of the local investor meetings.  Great places to network with local investors!

• @Gal Peretz  runs a monthly meeting in Nashua http://www.meetup.com/NH-Real-Estate-Investors-Mas...
• nhreia.com in Manchester
• @Ann Bellamy runs the http://www.blackdiamondrealestateinvestors.com/ in Mass

Hi @Matt Crow  I agree with @Richard C. and @Will Stewart this is not a "too good to be true" deal.

Other expenses to consider: Property Mgmt of 6-10% (even if you self-manage), vacancy rate (at least 5%), water/sewer (I, as the owner, pay quarterly for my multis in Manchester), and Maintenance/Repairs.  I also include closing costs (approx $8-10k for a building of this price) when I run my numbers.

I suggest using the rental properties calculator under the "Analyze" menu or a similar cal

Welcome to BP @Anthony Cennami

I cannot speak for the allowance of pellet/wood burning stoves (I don't have them in my Manchester, NH investment properties), however I have used Foremost and Vermont Mutual in the past.  Foremost seems to be most lenient.

Note: Paramount Insurance Agency in Merrimack, NH http://www.samel-ins.com/about/pia.htm handles my insurance.

Good Luck

- Kevin

@Michael Noto

Thank you for your response. You make some good points and will take them into consideration. I worked with this same agent on three previous deals and probably will work with him again on future deals.

I don't necessarily have a direct marketing campaign, but I'm starting to find some non-MLS opportunities via targeting specific owners and networking. I'm comfortable managing the tenants/properties but don't have a good grasp of how the close these non-MLS as this will potentially be my first one.

Based on your experience, do most agents accept a flat rate, opposed to standard commission, to manage the close process in these non-MLS scenarios?

Hi @Ray H.  Thanks for checking in.

The property looks promising however I was only able to see one of the units.  I'm making arrangements to see the other two units before making an offer.

My options for presenting an offer and proceeding are the following:

• Use my current realtor at flat rate pricing to manage the deal
• Use an RE attorney at flat rate pricing to manage the deal

I'm leaning toward using an attorney so any references you can provide would be great!

-Kevin

@Darren Budahn, @Sean S.  Thanks for the feedback.

@Anthony Davis  Great information and advice!

I haven't agreed to any terms yet (my walk-thur is tomorrow) but will take everyone's ideas into consideration.  Thanks again!

@Jesse Waters

Thanks for the quick response and advice.  Yes, I have already done my analysis so have a good idea of the numbers and know my max offer.  I'm more concerned about the back-end process (i.e. contract stuff) without using a realtor.

I have spoken with the owner twice while he seems motivated he wouldn't divulge a price of what he wanted, but he said this building and another multi-family were giving him the most trouble and wanted to get rid of them.

Good luck on your two new acquisitions!

Hi All! I’m a relatively new investor and looking for some advice.

I have previously purchased three multi-family properties, but all with a realtor. I'm doing a walk-thru of a new multi-family on Friday which neighbors a building I already own. The new building is not on the MLS and was referred to me from my property manager after a conversation he had with the maintenance crew indicating the owner wants to sell.

If the walk-thru goes well, I intend to make an offer. The question is "how". Verbal first? How do I obtain a P&S and any additional paperwork/documents to complete the deal? From an attorney? I'm assuming I will also need attorney at close.

I’m looking for some advice from any BPers that have experience with this type of scenario. Is there checklist available that I could follow to ensure I’m not missing any steps? I don’t really know where to start…I could add my realtor into the loop, but would like to try this myself and not pay the commission. At the very least, this will be a great learning experience for me.

Thanks in advance.

-Kevin