All Forum Posts by: Eric Hathway

I have an 11 unit in Manchester, NH and I would like to switch from State Farm because this specific branch has shown complete incompetence. Anybody have suggestions?

Welcome!!!

I want to second that comment above that said to read Brandon Turner's book on rental properties. Best book I have ever read on the subject!!

You might check out "FHA house hacking" where you can get a duplex or small multi fam with a low down payment. You have to live in it for a year or two, but then you can fix it up and keep an eye on the other units. I think it is a great way to get started and I recommend to many people getting started.

@Brandon Coutts, Welcome to BP! The amount of resources on here is really unmatched anywhere else. @Matt Lefebvrehit the nail on the head with Manchester being a great rental market. Most of the houses are old so expect some maintenance calls, but the sale price compared to rent ratio is great.

That sounds like sound reasoning. Thank you. 

That's is some good insight. I will look to satisfy a need in the surrounding community. I like the Uhaul idea also. I hadn't thought of that. Thank you

I am buying an 11 unit apartment building with a commercial mortgage and have the two following financing options:

 (Both are 20% down, amortizing over 20 years). Purchase price $640,000

A)    4.25%, adjusting every 5 years

or

B)    4.625%, fixed for the first 7, then adjusts every 5 years

Please briefly explain your choice and thank you in advance!!

I am purchasing an 11 unit building with two unpaved lots directly next door. All the tenants use one lot for parking with more than enough room. What are some ideas I can do with the other unpaved lot to maximize profits? Neighborhood is a C. Building surrounded by a Century 21 office, Restaurant/bar, and large hospital. For size estimates, consider a rectangular area with space for 14-16 cars with a central lane for entrance/exit. I'm not sure if it has any additional zoning other than residential...

Build storage?

Pave it and rent to zipcar or an adjacent hospital or restaurant?

Sell the lot?

Build more units?

Very helpful, thank you both. 

I have bought some properties above assessed value and some below. Assessed Value and market value don't seem to be parrallel. Can someone explain the difference?

I mostly interested in multi family buildings. A lender brought it up to me that the assessed value is low compared to the agreed purchase price and she wasn't sure it would appraise. Going by cap rate and the area's gross income multiplier, my deal is great...