All Forum Posts by: Peter Brooke

Thanks Dennis, Anne and Troy for your input. I really appreciate your posts.

In relation to the snow removal, the owner did it himself, so I factored in those costs. 

After some research and a kindly "heads up" from another BP member I have decided to not go ahead with an offer. Research showed a murder occurred next door in November. A man was shot in the front yard. 

So I'll keep looking. Thanks again for everyone's advice and contribution. 

Hi Ola,

Its a 3 apartment multifamily. I would definitely try and negotiate down the price. I would call most of Manchester "historic". Most of the houses in this area were built in the late 1800's early 1900's. 

Cheers

Its on the west side on a dead end street. Neighborhood there is not bad. Its a three family. 2 x 3 bedrooms and 1 x 2 bedroom. The 3 bedroom apts are collecting $1095 and $995 p/month. The 2 bedroom is collecting $600 p/month. The guy who lives in the 2 bedroom is related to one of the renters in the 3 bedroom and I think he's been given a discount on the price. Apparently he is in arrears by $200 at the moment. (That's not great.) My agent believes the apt should be getting more like $700 to $800 p/month. There is also a coin op laundry in the basement with 2 washers and 2 dryers that averages about $100 p/month. If I pulled the trigger on this, I would probably try and oust the tenant in the 2 bedroom apt and get someone else in. He is only on a short term 5 month lease which is already up.

The insurance price is what the sellers have listed on their Property Disclosure Rider.

On my spreadsheet, I have accounted for vacancy and maintenance, and I still come out in the black. (I put in 20% of gross rent for vacancy.)

Thanks for your replies so far.

Hi all,

Am considering putting in an offer on a multi-family in Manchester, NH. I have pre-approval for a 30 year standard fixed loan. The income/expenses are as follows:

Asking Price - $245,900

Gross Income - $2,790 p/m

Annual Expenses

Taxes - $5,237 

Insurance - $1200

Lawn maintenance - $870

Fuel - $636

Electric - $240

Water & Sewer - $2029.94

Its over 100 years old, which is typical for the area. It is also located on the better side of the city. Its a little dated, but in very good shape. It has vinyl siding and windows, updated electrical (seller is an electrician).

I will be putting down a 25% deposit.

Any feedback on the numbers would be greatly appreciated.

Cheers

Pete

Hi all

I'm a dual Australian/US citizen living in Sydney.

I'm looking to buy a multi-family in the US. Just waiting on US finance. It's a slow process. 

Also would be interested in joining a Sydney based investor group.

Cheers

Pete

Thanks for all of the replies.

I have contacted several accountants in the State we used to live in and in the State I wish to invest in (NH) and they either do not respond to me or they have indicated that they are unwilling to take us on because its not their expertise.

Federico,

I earn income in Australia, but not in the US. As Brenda indicated, I'm still required to submit US returns because I am a citizen. However I also wish to buy an investment property in the US, and so I hopefully soon will be earning US income as well.

Peter

Hi there,

I am a dual US/Australian citizen who resides in Australia with my US citizen wife. I am looking to obtain the services of an Accountant in the US who can do our annual US tax returns. 

Thanks

Peter

Hi David. Thanks also for your input. Would love to hear about your experience with this.

Thanks Joe. Much appreciated. 

Hi,

I am a dual Australian/US citizen. I am in the process of selling a house here in Sydney and with the proceeds of the sale, wish to buy a multi-family in NH (probably Manchester). The proceeds of the sale will allow me to buy the multi-family in cash. I am interested in a 4 to 5 unit multi-family that after expenses would net me a minimum of annually $30k and preferably around $40k.

As far as the buying process goes, I am unsure how to make this work logistically from here. It would be hard to make a decision on a purchase if I cannot physically view the property myself. 

Also having never owned a multi-family before, and as a loan does not enter into calculations, what are the income/expenses ratio numbers that I should be looking at in order to give the "green light" on any potential investment property?