All Forum Posts by: Steve Racicot

Depending on size, type, etc.  Price will vary.  Best to see what the local septic guys have to say.  They may be able to tell you the age of the current system, specs from county, local records.    

Yes you would more than likely lose your earnest money.  Your bid should simply take into account that you will replace the septic system.

Where would the tenant park if they decide not to rent out your $10 parking space?   

@Levi T.  Why are you seeking advice from non-legal people, when you could have simply picked up the phone and called your attorney and gotten legal advice. Rather then spend your time trying to anger your tenants.  You own a multi-million dollar business and wont speak to your attorney.  I simply dont get it. 

The amount of time you spent replying, you could have used it to get another deal. 

Wish you good luck!

@Jordan Caroleo Yes they can work fine for BRRRR. However, make sure you buy them real cheap and it is a relatively good association. You could sell them after the rehab or hold for a long-term.

Good Luck!.    Let us know how it all turns out. 

@Greg Fox I hate to say this, but you will need to get your attorney involved.  Yes you should talk to the owner/neighbor too but either way it could get messy.  

Is the surveyor correct?   

Maybe you could get the neighbor to buy 1ft of land from you, that might resolve it easily.   But either way you will need legal advice...

As a condo owner myself, I will be glad to share my insight.   

I originally bought my condo and lived in it for 10 years before turning it into a rental.  It was purchased at the height of the market and today it is still worth 15% less than what I paid for it in 2005.  I have found in my area, that the only way to be successful with buying and holding condos is if you acquire them as foreclosures or buy them really cheap.  Here are some of the issues I have encountered over the years. 

1.  Most Condo associations are poorly run.   Self-interests, conflict of interests and just poorly run boards and associations is very common.  Lack of Planning for future capital projects is common. 

2. Special Assessments eat into any profits very quickly. 

3. If you are renting out your condo ( and everyone else is doing the same), isnt that just an apartment building. Each person living there has no vested interest in maintaining the property or looking out for one another. 

4. Most States pretty much let the associations run themselves ( by inexperienced volunteer boards) so problems persist and rarely get resolved to the betterment of the association. State Laws and Condo Covenants are usually antiquated and not kept up to date.  In addition, changing your Condo Rules is difficult and most investors are hands off, only collecting their rent and not caring about the community.

5. HOA, COA, etc. need to be redefined so that it can actually be a community.

Here are some positive things about owning a condo:

1.  You only have to take care of the interior of your units. Outside walls, landscaping is handled by the association, which you pay for.  And it might not always be up to your standards. 

2.  In a well run association, in good markets, great passive cash flow can be generated. 

Be sure to choose your association wisely.   

@Steve S.  When you buy the property wont the "lot of record" no longer apply and the property not be classified as "grandfathered",  as there will be a new owner?   Or am I missing something?

If you do a Google search for "nh purchase and sales agreement"   you will find a blank one. 

My Experience with H & M recently was weird. I placed my initial bid on a property,  and about 1 hour later the "seller" bid on the property. And I refused to play the game, and when the auction closed, i obviously lost. Which I was comfortable with.   A few days later, I get a call from an H & M representative telling me I actually won the auction, but was I willing to offer more for the property.  Almost 20k  more.  I said "no" as the amount I bid is what I was willing to pay for it. So glad that I lost the bid.   Not sure if I will continue bidding on the H & M site.