All Forum Posts by: Matt Crow

 Richard, assuming we're looking in Merrimack, Hillsborough counties and the 2% rule is out of the question, what parameters do you look at immediately to see if a deal is worth further investigation. Is there a "current gross rent vs. sale price"% that you look at or is it something else that says to you, "Look into this further"?

Thanks!

@Brett C. @Kevin Kovalsky @Richard C.

Thanks for the input everyone! In my eagerness to get moving on a multi family, I broke the cardinal rule of my other business "Don't Get Excited Until the Check Clears"

I cancelled the showing and appreciate the education I got on this thread. I'd love to buy any of you a drink and hear more about your experiences sometime.

I did but only was able to speak with a couple of people before everyone left. I was going to say hello to you but didn't want to interrupt your conversation :)

@Richard C. @Will Stewart@Kevin Kovalsky

Thanks guys, looking back the too good to be true statement was rather rookie. I'm looking at a potential $1,000 month cash flow and got excited.

That said, the property is in Pelham, NH. What would you suggest is a good formula for this area? Would a lower offer on this property make it work? If so, what would that offer be?

I attended the NHREIA meeting last night and learned quite a bit. Mostly that once the listing hits MLS it's not really going to be a good deal.

Where are the wholesaler's in NH??

Thanks in advance. This seems too good to be true so I need some insight.

3 family for sale for $359,000. Verified that it's fully rented for $3500 gross/month.

Tenants pay all utilities except trash removal at 900/year.

We'd put down 25% ($89,750) and finance the rest.

PITI will be an estimated $2097.58/Month

It was built in 1972, the only unknown is one of the 3 boilers (2 replaced in last 3 years). Roof is 4 yrs old, etc.

We're going to look at it tomorrow, how does it look to this point?

@Dale Stevens That's good advice thanks. I'd be interested in hearing more about how you've gotten to that point.

Thanks for the input guys, here's a follow up.

I found a place that's fully rented for $2,500/Month. The monthly rent will be 1% of the purchase price. We'll put 25% down, and with taxes and insurance will clear about $250/month off of this property after factoring in vacancy, capex, repairs.

That's not what I was hoping to see on a 3 unit place. That's $3,000/year on $62,500 down (4.8%)

What am I missing, if anything?

Thanks guys , @Russell Tidaback , is PML a good option for a buy and hold? I always think of it as a flip financing option, but maybe I'm thinking incorrectly?

We currently have 4 single families, one with a mortgage and 3 clear but we're closing a HELOC on one of those this week so we can expand.

We want a multi family, but the HELOC won't allow a 100% purchase. My concern is how many mortgages is too many? We have our primary residence, one of the investment properties, and now a second investment property. Would adding a 4th first position be an issue to a bank?

Where should we start is I guess what I'm really asking!!! Thanks!