All Forum Posts by: Matt Crow

No I haven't but I will. Does anyone think a lease option on the 2 unit is the way to go or no?

The reason our cash reserves are getting tight is we're closing on 2 different duplexes at the end of March. Going a little crazy here to start the year out :)

@Gino BarbaroYes owner financing is available on the 4 unit with the 2 res. and 2 commercial spaces so that's not going to be a problem. I'm thinking of suggesting a lease option to the smaller of the 2 units, since they hold a mortgage on that one, but want to make sure that's the best option and that I'm not missing a better option.

@Mary D.I have comped rents and due to the location we'll be a little bit above average in southern NH. We do have the reserves to fix up and hold for a few months as long as we don't have to put 25% down on the smaller unit. That's why I'm trying to look at some creative options on buying both of them. They seem pretty motivated to unload them

Hi! We're interested in buying 2 properties from the same seller in NH New Hampshire. One is a 2 family that the seller has a mortgage on and is listed for $229,000 (first listed at 250, it expired and came back on at this price), the second is a 4 unit with 2 residential units upstairs, and 2 commercial units downstairs that they own outright and are offering seller financing on. Both are fully empty.

Both need some work before renting out, nothing big it appears right now, but definitely paint/floor work and some restructuring of how the units fit together.

Should we offer individually or attempt to get them in a package deal? I'm also curious what kind of creative options I can find to get them both without pulling any mortgages out. I'm thinking of a lease option on the 2 unit but need some input please! Let me know what other info I need to give out to get good feedback please!
Thanks

Hi! We're interested in buying 2 properties from the same seller. One is a 2 family that the seller has a mortgage on and is listed for $229,000 (first listed at 250, it expired and came back on at this price), the second is a 4 unit with 2 residential units upstairs, and 2 commercial units downstairs that they own outright and are offering seller financing on. Both are fully empty.

Both need some work before renting out, nothing big it appears right now, but definitely paint/floor work and some restructuring of how the units fit together.

Should we offer individually or attempt to get them in a package deal? I'm also curious what kind of creative options I can find to get them both without pulling any mortgages out. I'm thinking of a lease option on the 2 unit but need some input please! Let me know what other info I need to give out to get good feedback please!
Thanks

This was the last sentence in a multi family listing. Can someone please let me know what it means? Also saw one that says current COC and need some clarification please!

@Sean OReilly@Jeff Kehl

Thanks for the advice! I used all of those except the 1980 one (everything up here was built during the revolution haha)

That narrowed it down to 6, so I'm going to schedule those today! Thanks again

Ok, we've decided that our first Multi Family unit will be a 3-4 unit one. I'm seeing a few different "parameters" though on how to narrow them down.

We're looking in Southern NH only right now. Specifically in Hillsborough and Merrimack counties. My question is how to narrow it down quickly? There are 80 that meet our search criteria and if I take current rents divided by sale price I'm seeing the lowest at .007% and the highest at .016%. That's obviously a large range, but I'm not sure what the norm is in this area. But maybe I'm on the wrong starting point? Is that the best place to start narrowing down the list or is there a better way to begin?

@Will Stewart

Great insight above Will thanks.

What do you think of this? I'm looking at a foreclosure multi in Manchester. 3 units of 3bed/1bath that average about 1200 sq/ft. I can expect probably around 1100/each once they're rented based on the neighborhood and talking to the neighbors on what they pay.

Here's where I'm hesitant. It appears that the rehab not structural and is not a full gut, but one of the kitchens needs full renovation and 2 of the bathrooms look like they could use full replacement of the shower, toilet and vanity. Some of the copper is gone on the first floor, but just easy stuff like the baseboard radiators, no walls were opened.

Understanding that there are variables that can't always be foreseen, what is a good way for me to estimate rehab costs. Do you have a price per bathroom or price per kitchen that is pretty accurate? Or price per sq foot that I should expect?

 Will, that said, the property I reference at the beginning of this thread shows about 500/month cash flow. What purchase price would you look for this property to be to get your 300+ per door?