All Forum Posts by: William Bucklin

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $289,500
Cash invested: $47,500

I managed this property for about a year and a half and purchased the property from the owner as an owner financed deal. I partnered with my parents. They currently live in one unit and we rent 4 to the existing tenants

What made you interested in investing in this type of deal?

I’m interested really in the appreciation of the property itself. It also used to be a tavern and Alexander Graham Bell (inventor of the telephone) was once a guest. So the history buff in me was satisfied with this deal as well.

How did you find this deal and how did you negotiate it?

I managed the property for a little over a year and showed the owner that I could take it on.

How did you finance this deal?

Owner Finance

How did you add value to the deal?

Today is day one

What was the outcome?

We will see.

Lessons learned? Challenges?

Biggest challenge was getting the down payment together which took a bit of doing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not this time.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $289,500
Cash invested: $47,500

I managed this property for about a year and a half and purchased the property from the owner as an owner financed deal. I partnered with my parents. They currently live in one unit and we rent 4 to the existing tenants

What made you interested in investing in this type of deal?

I’m interested really in the appreciation of the property itself. It also used to be a tavern and Alexander Graham Bell (inventor of the telephone) was once a guest. So the history buff in me was satisfied with this deal as well.

How did you find this deal and how did you negotiate it?

I managed the property for a little over a year and showed the owner that I could take it on.

How did you finance this deal?

Owner Finance

How did you add value to the deal?

Today is day one

What was the outcome?

We will see.

Lessons learned? Challenges?

Biggest challenge was getting the down payment together which took a bit of doing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not this time.

Its better than Buildiums 2.95 percent Fee

I’m pretty sure it’s illegal not to accept section 8 tenants based on them having section 8.

I recently did tenant placement for a friend of mine. These were some of the reasons i did not accept certain applicants. I’m looking for feedback on if these are good reasons or if are they are eliminating good prospects. Also any other screening “rules” you would suggest.

First was if they left the “do you smoke” question blank. If they did smoke I’d have a conversation that the entire property is non smoking, however if they left this blank I saw as being evasive/deceitful. Not something I’d feel comfortable seeing in a tenant.

Second was talking badly about their current landlord. Maybe their landlord wasn’t great, but to me if you talk bad about them you’ll talk badly about your new landlord.

Third. I had applicants ask me every day for an update after I had given them a timeline for a decision. To me if they are high maintenance applicants they’ll be high maintenance tenants.

Fourth. When it took more than 3 business days to complete an application.

Anything too strict? Any of it helpful? And any other experiences you’ve had that made you add screening rule?

@Timothy Swenton I’m just getting going and I live in Waterville with one property there, and a property in Belfast that I’m working on.

There is always that one thing that you dread dealing with. Is it eviction notices, cleaning a trashed apartment, screening tenants or just the book keeping. Whats the one thing that would make your Real Estate Business just a little more fun to do?

I’m building a Business that specializes in getting properties ready to sell. ( cleanouts and deep cleanings, lawn maintenance, etc). Is it possible to do the work and be paid upon sale of the property? Is it wise? Has anyone done it, and how was it done? Thanks!

And Is there a good way to find if there is a mortgage on the house and who it  is through?

I've recently found vacant homes that I would be interested in buying. Using either the OnX app or city tax maps I'm able to find out the owner and their mailing address. However I haven't been able to find a good way find numbers or email addresses for the owners. Or its an out of state LLC who doesn't have any names listed. I haven't received a phone book for years so that hasn't been an option. Have any of you found an effective way to obtain this additional contact info.