All Forum Posts by: Sean Connolly

Hey Amber,

Not from real estate experience, but from working for the fire department, we get a lot of homeless who break in to houses that are vacant, and sleep there.

I think my next step would be to find the owner of the property, either from city hall, or online GIS maps. Just google " *town, state* GIS map" and you should be able to find that info. Good luck!

Hey BP,

Wondering what other people have charged for garages to go along with units? I have a detached garage right next to one unit, and another garage below the other unit. The old owner used both of them personally, but wouldn't mind renting them for an additional amount. Should I offer it to them, or just tell them it goes with the unit. Thanks in advance!

Thanks everyone!

@John E. , I found the property on the MLS

@Paul Donoghue , yes it would. If I were to rent all three if be looking at around 700 cash per month. And the detached garage I'm sure I could rent separate or find a tenant that could use it and charge extra

Thought I would share the deal I have been pursuing. Offer was just accepted on a 3 Family property in Westport, MA. One building is a duplex with 2 Large 1Br/1Ba, along with a separate 3Br/1Ba on 1.4acres, with "3" Garages. One detached with electricity, one below the duplex, and one smaller garage used for a lawn mower. Both buildings have easily accessible, walkable attacks. Duplex has full unfinished basement. Both units have private porches as well. Single family has a screened in porch.

The sellers live in the 3 Family, and rent out the duplex. 1 for $750, the other for $550 ( Sellers Son ). The son is looking to buy his own house very soon.

My plan is to live in the 1Br and rent out the other 1Br and 3Br.

Average 1br apartment in westport is 750-800. 3br is 1300-1400.

I could most likely the higher for the 1Br due to the large size, basement, attack space, garage, porch, and yard.

My purchase price was 314,000

Going with FHA. 3.5% Down. Have not locked in Interest rate yet.

I think this is a good opportunity to have an owner/occupant investment property, especially in this town, because I am forced to live here for work.

Let me know what you guys think! I will try to provide more info. Thanks!

Thank you Jeff!

Hello everyone.

I am currently looking at a property in my hometown. The property is two different buildings. A duplex: Two 1Bedroom/1Bath and one Single family 3Bed/1Bath. It has been on the market for 2years, and the price has been reduced from 430,000 to 339,900 over that time. Sellers are an elderly couple occupying the 3bedroom, looking to relocate after property is sold. Title V (Septic System) is buyers responsibility. My question is, are there any finances for owner/occupant that can add the septic system replacement into the loan? I thought of FHA 203K, but is that available to multifamily properties? Or just single families? Any other advice is appreciated. Thank you.

Hi Brittney,

Not sure what you're plan is for this property. As your own home? Flip? Rent? But if this house is actually a good deal, then it might not last long. I would recommend getting your own agent. I know around here its basically free because they split their profit with seller agent for no extra charge for you. Get someone who has a lot of experience specifically in the area you are looking. They will be able to help you through the process better. Also in order to put down a legitimate offer on a property, you will need a pre-approval, or proof of funds. But start with an agent. They may be able to lead you to a lender they have used before. Good luck!

Welcome! I'm new as well and have already gotten so much out of this site. Goodluck!

I know Bob Mulloy, at ALLSAFE Home Inspection has a stellar reputation, but may be more expensive than other area inspectors.

JigSaw Home Inspection, I have worked with personally and thought they did a great, thorough job, and the price was very reasonable. They saved me a ton of money on a house with some not so honest sellers. I will never not get a home inspection. Well worth the money.

Hey everyone, thanks for the advice. Thought I was clear by saying owner/occupant was out of the question, that I wasn't trying to lie. I meant is there other financing opportunities available. As far as the rehab costs, being in my career field, a lot of my co-workers have legitimate side businesses ( Electricians, Home Inspectors, Plumbers, and Roofers) and I have spoken to the roofer who has given me a rough estimate around 3K, which I know is a good deal. As far as the other work, I plan on doing the work myself, so just paying for materials. And hopefully the utilities are in working order. The electrical looks like it has been recently updated, and furnace as well ( Also been winterized). I am sure that I will run into other problems, but I am very motivated to get this done quickly, keeping holding costs to a bare minimum. I only work 2 24hr shifts a week, and plan on making this project a fulltime job. Just need help with the financing!