All Forum Posts by: Steve Candor

Already has offers. 

Asking $63,000. 1 tenant pays $475. 2nd tenant vacant.

Rents in the area go for about 850. I will have difficulty kicking tenant 1 out. 6 months.

Needs cosmetic work and new roof (water damage). damage could be between $5k-$30k? not sure the extent of the water damage. 

How much do I offer? What would be overpaying? A very similar property sold 6 months ago for $82,000 but included a new roof and gas boiler. $28 a square foot (the place was bigger).  Everything else similar is $80-120k in this area.

looking to pay all cash.

Do you hire an attorney to make the offer?

Title work search?

Survey? 

Lien search? 

Can I skip any of these? Can I do them myself? 

Zoning on the property is RES-B and properties next door are RES-B - meaning 2 family. The properties directly behind is RES-C - multifamily. 

The property is in springfield, MA. Possible to change zoning on the property to 3 family? Or is this something highly unlikely? 

@Mike Hurney 

I wish. I work/live in Manhattan. I know Manhattan and Brooklyn very well. If I had a few million in cash I would certainly invest here as it know it very well (i work in building management). 

Need financing? This is a seller's market. I work in several areas - Brooklyn and Manhattan right now. 

I have more buyers then I know what to do with. All-cash in any of the hot neighborhoods even the rough parts. Bed Stuy, Crown Heights - I wish I could purchase on 20%.

I travel every once and a while through Connecticut and Massachusetts. So I'm looking to purchase a multifamily in one of these two states. Prefer Western MA to anywhere along I-91 or I-95 in Connecticut.

Looking for something in the under 250k range - prefer 150k that I can pay all cash and return good cash-flow positive. I do not care about appreciation as much as positive cash flow. 

How do I find a good area or location to invest? I don't mind a fixer upper. 

is it more favorable  (pro landlord) than MA?

I heard that if you don't draw up a lease in Connecticut it's easier to evict problem tenants. 

Any truth? 

I'm looking to purchase a property. Rehab it and rent it out. Not interested in flipping. 

I want to know the costs and is it worth purchasing. 

There are two books i'm looking at. One is 300+ pages the other is 200+ pages.

Does this book: "The Book on Flipping Houses: How to buy, rehab, and resell residential properties" (300+ pages) include everything in this book "The book on estimating rehab costs" ??

Both are written by Bigger Pockets. 

The property has a quit claim deed. Not sure why it has this. I don't see any tax liens on the property and I looked at the previous owners and it they got the property from their parents. 

This is the property. It's currently asking a lot less than the current houses in the area. I don't think anyone is living there. looks empty. 

What are your thoughts on buying a fixer upper on auction.com? Quit Claim deed okay in this situation? 

http://www.auction.com/Massachusetts/residential-a...