All Forum Posts by: Megan Elliott

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $390,000
Cash invested: $40,000

House hack! Bought a duplex on a VA and live on one side. Plan on making it a rental when we inevitably move in 3 years.

What made you interested in investing in this type of deal?

The market made it difficult to buy a home when we will move in 3 years. This seemed like a great opportunity to live super cheap, then convert into a great long term rental. Plus, we LOVE the house!

How did you find this deal and how did you negotiate it?

Online

How did you finance this deal?

VA Loan 30 year fixed

How did you add value to the deal?

Came with an outstanding tenant!

Lessons learned? Challenges?

Closing in NY takes FOREVER. I was used to NC where 30 days is the normal for closing. This took us 4.5 months....

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! Terry Howell was great!

I went under contract on a duplex 15 October 2021 and still don't have a closing date! Is this typical or New York and/or is there any recourse??? We are purchasing a duplex that is being sold by the builder and there are apparently unresolved liens on the home which were never disclosed.  We have been waiting on the seller to fix the issues for about a month (we are cleared to close on our end).  Our lawyer keeps telling us its on the seller, but this is getting ridiculous.  Our closing date was 15 December.  Does anyone have recommendations on either how to get this deal done or how to back out?  This is my first NY deal and am completely frustrated. 

@Dave Foster Thank you!

Thank you so much @Dave Foster and @Bill Exeter!

Would I be able to go under contract with the new construction prior to closing on the house I am selling?  For example, go under contract with the new construction on 1 May, close on the rental I am selling 15 June, and close on the house I am exchanging for 1 October when the house finishes construction?  

I really appreciate the help!!!

Hello! I was wondering how the timeline would work if you used a 1031 exchange to purchase a new construction.  I am assuming the house would need to be complete and closed on within the 180 days, but I figured I would put it out to the experts.  Is there any leniency if there are construction delays?  Thanks so much!

Looks like we are moving to Ithaca, NY this summer! Anyone know what the investment market is like?  Seems like the universities are the main attractions. I haven’t bought in a college town before. Any recommendations would be greatly appreciated. 

I just go to Lowes and see if there are any good tiles on sale that would match.  For rentals, keep it basic.  I agree with @Bob Okenwa the white subway tile with light tan or grey grout is timeless, classic look.  Good luck with your project!  I finished a tile backsplash last week and it was relatively cheap, easy but made a huge improvement.  

I allow pets and haven't had any issues.  There was actually a great article written on the subject that was super helpful.  *Disclaimer - I am a huge pet lover so maybe a bit biased :)

https://www.petfinder.com/dogs...

I am under contract to sell one of my rental properties and found out this morning my tenant in 2015 didn't pay his personal property tax on his boat, which is now being held against my property.  The lawyer said I will have to pay it prior to the sale.  I had no knowledge about this until this morning.  I was using a property manager at the time and they never mentioned anything, but I don't think they would have known or are responsible.  Has anyone else experienced anything like this?  I am likely going to pay it, but any recommendations on how to prevent it in the future would be great!

The Surf City/North Topsail Beach areas are super nice.  Not very built up, but the prices are great for a vacation home.  Plus, you could always convert it to a long term rental in the off-season months since there are always people moving due to military bases.