All Forum Posts by: Eric Hathway

I would recommend calling small, local banks and ask if they do portfolio lending. Portfolio lenders will evaluate if the deal makes sense because the property will cash flow rather than looking at you, your income, and other expenses. That's also means, however, that the terms may be for shorter than 30 years and have an adjustable rate after 5 years or so...not a deal breaker in my opinion.

Presently I'm looking for a GC for a flipp, but long term I would like to renovate each of my buy and hold rentals as tenants turn over. Thank you

Can anyone recommend a trustworthy General Contractor in the Southern NH area? Manchester specifically.

Thank you!!!

All great info everyone. I'm sure once I get one done, the next deals will be a piece of cake. Now I can at least sound like I know the next step. I've just always fulfilled what my agent has asked for and never really paid attention to the process or moving pieces. Thank you again. 

I am talking to the owner of a 5 unit building I am considering purchasing from him. It is not listed on the MLS. How would I submit an offer? Is there a standard format? Would there be a deposit and escrow? Should I use my real estate agent to make things run smoothly? What if the owner doesn't want to pay an agent's commission?

I'm sure it can be done, but I don't want to make a mistake like using a contract that exposes me. 

Thank you

I am considering a 11 unit building for $700k in NH and only have 10% down. My bank requires 20% down so the owner said he would give me a second mortgage at a rate of 10% for either 5 or 10 years. Is that a high rate or a good deal? Cash flow will cover it, but I don't want to be taken for a sucker.

I own a couple multi family buildings in Manchester, NH but I would like to find a more investment minded agent. Can anyone recommend a good one or how to find a good one? I have googled a bit, but not getting anywhere fast. Thanks

It looks like it will be about a month before the unit is up and running again. The tenant was unhappy because she was under the impression it was my responsibility to provide alternate housing or a hotel. I consulted two attorneys who stated her alternative housing is not my responsibility and I should just not charge rent while the unit is uninhabitable. 

She has renters insurance but she was told that will only cover her personal belongings.  My insurance company said they don't cover hotel for displaced tenants.

I just had a sewer backup and my tenant has no place to go. The unit is uninhabitable.  I put her in a hotel for tonight, but it sounds like I should just not have her pay rent unil the unit is fixed. Am I right?