All Forum Posts by: Matthew Stanizzi

I would get residental.  That way you can lock the intrest rate for 30 years.  If you convert to a five unit after you close you can keep the residental loan.   No need to worry about what interests rate will be in 5-10 years which is an issue with a commercial product.

Hey Craig,

I'm a local investor who's in the same niche.  I'll sent you a PM. I have recommendations for you.  

I also have family from NYC and have considered looking at some long distance investing in the area.  I'm sure we can help each other out.

Matt

Welcome to the community.  What towns are you looking to invest in?

I think you need to see the condition and layout of your property to be able to give you an idea of its worth.  The town is also important.  It’s a large lot.  Can it be subdivided? 

If it were me I'd get a realtor from the area to give me a starting price and pay a consultant fee for their time if I wanted to do a FSBO.

I’m from the Nashua area.  Also looking for my first property.  I’ve been at this for about 4 months (from the initial thought to putting in offers).  So filter my comments with that in mind.  

What you should look for is very individual depending on your finances, connections, goals and risk tolerance.   I think in general you should look for something where the math works well, thereby mitigating as much risk a possible.   Look for locations where people are likely to continue to live and work and figure out your areas of interest.  

If you're looking for passive income then you should focus on cash flow. How passive is passive? If you're looking to scale and don't have access a ton of capital then I would try to BRRRR but now you need to add value and that's less passive. Maybe a performing note and now you're looking at very passive cash flow but you don't own a property you own the debt service.

For me, If I could go back in time, before I had kids and settled, knowing what I have learned, I would have looked for 3-4 unit multi family in need of rehab and done an FHA loan with a 203k loan. For 3.5% down, I could have used the best parts of house hacking and BRRRR. I would have had to manage a rehab and live with my tenants but given how much I could have saved and the equity I could have generated, I think it would have been well worth putting off the picket fence for a few years.

Maybe I’m saying that because at the time I was renting on the border of gentrification in East Harlem and 10 blocks north NYC was giving away brownstones that are now selling for millions.  But even if I had done it when I moved to Southern NH I think the technique would have served me well. 

Live in Hollis and work In Nashua.  

There is a meet up the third Wednesday in Nashua.  730 pm Fody’s Restaurant.

Have one of the local septic services do an inspection. It’ll cost a couple hundred bucks, But may save you a 15,000$ headache.   It’ll be on the seller to repair if there is a major issue or walk if you need.  I have a referral if you’re in the Nashua area.

My primary residence is 160 yrs old. The septic is older then Moses.  But routine maintenance is keeping it going and I bought budgeting for the day when the system fails.

I'm from Southern NH.  Native to the area.  I work in Nashua.  I'm looking in the same area as well.  I'm looking at Buy and Hold with some value add.  I'm trying to focus on the smaller commercial Multifamily or mixed use properties.  I would be happy to talk about the area more if you're interested. 

It's too bad that this was the first forum post when I searched for cost segregation.  However, it was nice to see the boss squashing the SPAM (even if it was 11 years ago).  More evidence that I'm in the right place.  Thanks.