All Forum Posts by: Nadir M.

I’m looking to purchase a house that’s located on a Main Street. Will this hinder my rental opportunities significantly? Should I be worried? Thoughts?

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@Alexander Felice that’s what I was thinking as well! Thank you Alex for your expertise

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@Russell Brazil thank you and I agree

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@Alexander Felice thank you. My bank wants to charge me 6%...but it might be due to my debt amount and I don’t think shopping around would matter much if that makes sense

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I’m looking at a house to purchase...by my bank wants to charge an interest rate that I’m not too fond of? Shouldn’t be a deal breaker right?

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@John LaBanca I’m making a visit this weekend. Thank you.

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@John LaBanca All good points. Do you have a site in mind that goes through the neighborhood, talks about population demographics etc. I use www.crimereports.com/ was just wondering if you recommended any other source that's more thorough. There is www.neighborhoodscout.com/ which you have to pay for but i'm thinking it's going to be worth it. Thoughts?

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Originally posted by @John LaBanca:

Originally posted by @Nadir M.:

Another question that came to mind. If the older building i am trying to purchase has newer construction in neighborhood ie brand new massive apartment units, is this something I should be worried about or something that will help me? I feel like it may steal some tenants that may have been interested in renting my units...i feel like the only want to compete is to lower my monthly rent right or maybe doing some serious rehab? any thoughts?

Thank you,

New construction in the area is generally a good thing. It means there is demand for housing. If you can offer a better value than the apartment, there will probably be some tenants who prefer a home with a lawn over an apartment complex. But if the apartment complex has great amenities AND a cheaper price, it might affect your ability to attract tenants until it fills up.

That was my thought process as well. The units currently has 3 long term tenants and one vacant unit with some interest. My plan would be to offer a lower rent rate than the complexes if possible and if the #'s make sense. I'm in the process of trying to figure out what the apartment complex is renting their units out for. Thank you for your feedback

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Originally posted by @Jim C.:

Everything mentioned plus lead paint and asbestos.

Thank you Jim! Great point.

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All Forum Posts by: Nadir M.

Nadir M. has started 64 posts and replied 437 times.

Post: Potential rental property on a main street! Worries?

Post: Potential rental property on a main street! Worries?

Post: Should I be too concerned about interest rates??

Post: Should I be too concerned about interest rates??

Post: Should I be too concerned about interest rates??

Post: Should I be too concerned about interest rates??

Post: Concerns with older buildings.

Post: Concerns with older buildings.

Post: Concerns with older buildings.

Post: Concerns with older buildings.