All Forum Posts by: Dan Smith

i plan to live in one of the units for a few years, yes. Then I would hope that as both units are rented, once I move out, that the building would cash flow positive.

@Rich Hupper - we do have a buyers agent currently. I was hoping to get info from others as to what makes sense when considering their asking price.  The one thing about the house is they have some knob and tube going on that we would need them to fix as a contingency. Other than that, the house like oks very nice in person.  I read somewhere that 5-10% under asking was a good rule of thumb.  Would you have any thoughts on what an initial offer should look like?

Also, we hope to move in a few years and keep the property for passive income.

Thanks for all the help so far!

@Rich Hupper, yes! 

@Rich Hupper - it is in Haverhill MA. Any sort of insights would be greatly appreciated!!

Hey guys,

I went to an open house today for a duplex and my Fiancee and I really liked the place!

We think we want to make an offer on it, though we want to make sure we are being intelligent about it.

(I'm nervous as this will be the largest purchase of my life to date!)...

The seller is asking for 349k.

Through research I've done, I'm going on the assumption that with both units rented, I will look at 2600 per month in rental income.

A big question I have is how much lower than asking price is expected?  I realize this must change on each house, but is there a general rule of thumb in today's market?

We're also financing this with an FHA loan, so 3.5% down.

I know I'm not providing a ton of information, but I'm anxious and scatter-brained at the moment.

I'm happy to provide more info, I just don't know where to really start here...

We plan to live in one side and rent the other side, with the hopes of moving out in a few years and keeping this rental property for passive income.

@Matt Lefebvre, I forgot to mention that we are planning on an owner-occupied scenario!  But thanks for the tips:)  I do currently have some phone calls out to a few realtors so that I can see which one I am most comfortable with.  But I will certainly keep you in mind.

Thanks @Ryan Gillette - We are looking at an FHA right now. I was thinking the same thing, I want to purchase a house, but I definitely don't want to tie up all of my money in the first one.

Hi all,

My name is Dan, I've checked out this forum in the past, but I've never really been a member of it.  I currently live on the New Hampshire seacoast, but my fiancee and I are looking to purchase a 2-4 unit house in Haverhill, MA.  This will be the first property we have ever purchased, so it's a very exciting/anxious time for the two of us. (We're both 24)

We just got pre approved for a loan a few days ago and I have started reaching out to realtors to hopefully find one that knows multi-family properties as well as the Haverhill area.  I'm hoping to utilize the tools and the people on this forum to hopefully create a long lasting and beneficial real estate empire! (aren't we all?)

I look forward to being an active member of the community and I love meeting people with the same ideas/interests as me that might be in the MA/NH area.

See you around the forums!

-Dan