All Forum Posts by: Lou Veiga

Does each unit have it's own electric panel? Or do they share the same panel? If they have their own panels, should be fairly simple to have another meter added and split them up.

Now if they are on the same panel, you would need to see if they share the same circuits on the panel. If they do, then it could be a fairly big undertaking to try and separate the upstairs from downstairs. Especially if it's an old house that's not up to todays codes.

You best bet would be to get an electrician to look at and get an accurate estimate to evaluate if it's worth doing.

I figured with that many offers, I wasn't going to get it anyway. The numbers were a little tight to begin with. I was looking to flip it.

Hi,

I was just curious what kind of timeframes people are typically getting when making offers to REO properties. I just put an offer on one last week (Jan 21). Listing agent told my agent they were waiting until the 27th to review all offers. On the 28th they can back and asked everyone for their highest and best. I kept my offer the same ($1400 above asking price, cash, no contingencies). I'm told they'll have an answer on the 29th.

On the 30th I ask about the status, they say they received 33 offers (18 of which were cash) and they are still reviewing them. At the end of the day on the 31 still no response. I got fed up with waiting, and pulled my offer.

Was I being too impatient? Does it usually take this long on REO's?

Hi @Breandan Garland

Welcome to the forum. Nice to see some small town locals joining in.

I work with someone that also lives in Greenfield. I love riding my motorcycle through that area. There are some great back roads towards that side of the state.

Christopher,

Welcome to the forum. I agree with @Kristopher K. I think it's great that you're starting at a young age. It's definitely a benefit. I wish I would've starting investing 20 years ago.

One of the keys to success in anything you do is to surround yourself with good people. You've already taken that first step by becoming active in this forum. The people here are great and are always willing to help with any question you may have along the way.

Good Luck!

Everything is relative. Property taxes in NH run around $4k-$5k/year for a starter home. I know people that pay $8k/year in property taxes. Rents can range from 900 - 1400/month for average apartments. So I would say 3 months rent to cover taxes is normal in this area. I guess that's the price we pay for not having any state income tax.

@J Scott

Thanks for the input. You make some great points regarding the flooring and furnace. Makes a lot of sense when you state it the way you did.

Great tip Gerald!

It reinforces the fact that this is a relationship business.

Thanks Troy,

I forgot about utilities. I'll have to add that in.

I'm sure there are other things I'm overlooking too.

WOW...I can't believe asking price on that. You can't even get a mobile home around here for that price.

Good Luck with it!