All Forum Posts by: Todd Kelly

Good Afternoon Everyone,

So, I am looking to finally house hack and build a simple 3,4 duplex near Concord, NH next spring. I'm currently going through a divorce, but it will be settled by then, and I should have some cash on hand. I'm trying to get all my information in now so that when I'm ready I can run. I've been looking at the market and it just doesn't make sense for me to buy anything currently standing and there are literally zero duplexes available in the towns I'm looking to stay in. How is the process with financing a new construction duplex? I know you can factor the rental income into the numbers but I'm not sure exactly how the bank looks at a that. There are zero vacancies in town, and it is a very highly desired school district, so I should have no issue bringing in $2200-2500 a month in rent in the rented unit. I'm looking to self GC the process. I am commercial construction superintendent running multi-million dollar jobs and spent over 10 years in the residential construction side as a carpenter, superintendent, and owner. Between my contacts in the industry and my ability to install some of the pricier items, (i.e. cabinets, siding) I'm hoping to drive the overall cost down. I'm still trying to decide whether to have plans drawn up by a draftsman or an architect. I'm looking for any and all information anyone can provide with a situation like this, thanks in advance!

Hi Everyone,

I've come across a potential deal that has really drawn my interest. It's a single family in a town that isn't typically known for great numbers, but it's a very motivated seller and I think I could really make it work with some sweat equity. It's currently a 2400 sq ft single family in an area that I don't think will draw home buyers but renters. I'd like to gut it and split it to possibly a duplex with a 3 bedroom lower and 2 bedroom upper unit. I've checked the local listings, and there is nothing in the town that has a freshly renovated duplex for sale. There are a couple of 3 or 4 family properties going for about 200k double what this single family is listed for, but they are old, chopped up and not updated. How can I get an ball park number of the value of this thing ARV so that I can start talking to hard money lenders?

Thanks for the help!

Hi Everyone,

I'm curious as to how everyone is finding their owner financing deals? I search the MLS for key words such as owner financing and seller financing, but it doesn't seem to be that much on the market. I'm wondering if I'm not seeing deals because of how I'm looking for them or if there really isn't that many out there. Thanks.

In the past I've used the rubber gaskets that have tape or adhesive to stick to the underside of the toilet, and it has a cone attached that goes down into the flange. Never had an issue with them.

I bought my very first deal as a wholesale from an investor that I actually was a contractor for. I trusted his advice and never thought to ask about his fee.  I paid $50K and found out at closing that he was making $10k. I was a bit surprised at the time, and it bothered me more when I realized my $10k in repairs we discussed it need was actually $30k. I'm not making excuses for my poor due diligence and total inexperience, I was young and didn't know what I didn't know, but I do know if he had told me he was making $10k for doing so little, I would of hesitated to purchase.

Is that legal? It's not technically occupied by you. I'd love to hear more if your willing to explain.

This is a bit of a shock to me, I've been dreaming of investing in SC because the taxes are so low. But it seems that the owner occupied vs investment is a huge difference. This is a bit disappointing, so many of these deals suddenly don't seem so great now.

I would love to hear more about this, we recently discovered South Carolina and after living in the Northeast, it looks like a haven for investing. As I understood it, it was only the 6% assessment that was assessed the millage rate. For example $100,000 assessment equals 6000 times the local mil rate. Am I incorrect in this? Taxes look incredibly cheap in SC, right now we pay close to $6k for 190,000 assessment which is a bit steep up here. Thanks for any info.