All Forum Posts by: David Wolber

Hey BP, My wife and I are looking at a REO that is a beautiful Victorian house that somehow has managed to remain a SFR. I of course have to convince the bank to sell it 50k lower than they have it listed for, but I'm wondering if it is too big for a SFR investment property.

I haven't toured the house yet, but I think it also could easily be adapted to a multifamily with an exterior stair access or perhaps an interior one, but have to look at it However, it is also in a real nice neighborhood of old SFR just like it, so I'm hard pressed to want to ruin the outside appearance with a stair case.

Sooo...

First question - is a three story, 4 bedroom, 3500 sgft house too big to successfully rent in the SFR market?

and

Any thoughts on the math on converting a SFR to a MFR and ensure the numbers would work? I'm thinking anilizing it a bit of a hybrid and looking at it with just reno cost in the front end, but multifamily unit for potential cash flow on the back end?

WOW!  Talk about never giving up!!!

Hey all, this is going to be our first meet up and we're pretty excited to meet some new folks! 

@William Collins That is a FANTASTIC idea!!!  Do you have any experience working with AirBNB?  We've looked at using the service, but never being a part of it.  Any thoughts on distance to the beach threshold?  Groton is still a good 30min drive to the better RI beaches.

@Kai Kopsch Thanks!  I have stumbled upon the member success stories, and wow, what inspiration!!

@Rick Santasiere I would love to!  Buuuut...uhhh...i don't know how to PM you!  HAHAHAHA  I currently working on that.

@Donna Genovese Thanks!  Will DO!

@Kevin Hunter We are just diving into this crazy market.  It's interesting around the Groton area since we have the base and with EB building their work force it's all very exciting right now!  What did you like about the CT market? 

@Mark Nolan Thanks! We're learning that quickly. 

@Rick Santasiere Thanks!  We haven't been able to connect with too many REIs since our day JOBs are 2nd shift and evening get togethers never work for us unfortunately.

Good evening BP!! My wife and I are of course new to the REI world. I mean why else would I be posting in the "New Member Introductions" form?? HAHA We are not originally from New England, we are both Mid West transplants. Go Packers!

We currently have one commercial property that we've renovated for my wife's practice with a few offices that we still need to rent.  We also own our primary residence which I sorta house hacked for the first 3 years we lived there.

We have plans for purchasing 3-4 more properties in the next 5 years. We plan to buy, rehab and hold SFH or MFH for cash flow with an ultimate goal to have several mixed use units WAAAY down the road.

We both have JOBs and as of right now don't plan on doing this full time, but that will depend on how all this goes.

Joining BiggerPockers seemed like a no-brainer. I wish every decision in REI was that easy! I have been living on this site for the past couple months now reading and learning and finally decided to post an introduction here.

Thank you everyone in advance for all the information on this site, it really is an indespensible resource!

@Lue C. We have just closed on my first commercial property in August of last year.  The main difference we found is that you cannot use standard Fannie Mae forms for commercial closing.  All the paperwork has to be drafted by (in CT anyway) lawyers each time so the closing costs were a bit higher.  We were able to save a bit by having the credit union also use our lawyer to draft the paperwork up, but that might not always be the case.

Other than that, it was exactly the same process on our end as it was closing on our house.  A bit more paperwork and a few more people around the table was all the difference we noticed.