All Forum Posts by: Holly Emmett Correira

The seller has disclosed that they will not turn on utilities.  The utilities are the sole responsibility of the buyer.  I can have them turned on in my name temporarily but it involves tests by plumbers and electricians, city inspection and installation of a gas meter.  All this will have to be done anyway after we purchase.  My concern is the time needed to get this done.  The closing date cannot be extended to accommodate for utilities.  If the utilities aren't on by the bank appraisal, will this be a problem?

Hello-we are making an offer on a foreclosed reversed mortgage multi-family where the owner is now Fannie Mae.  I understand they they cannot accept less than list price, which is the appraised value.  We are seeking a conventional loan with 20% down.  Will the bank appraisal for our loan be conducted if their are no utilities on for the property?  I can get some of the utilities on but not all and there's no guarantee.  We have to purchase as is because according to sec 206.125, no repairs or negotiations will be made.  We also need at least the house electric on for smokes and COs, which is law.  Any advice?  I'm aware of the risk of not having utilities on (broken pipes etc).  I'm only interested in the bank appraisal and the appraisal coming in correctly and at a min the selling price without the utilities being on.  Thanks so much for the help!

Congratulations!  Great story about perseverance.  

I second the umbrella policy.  It's cheap and the extra protection can't hurt.

Check with your insurance company as well.  Mine has a list of dogs that are not allowed and requires the tenant take a separate policy as well.  This doesn't cover your apartment but it does help with your liability, which would cost a lot more than the renovations should something happen.

Looks great!  That's a lot of work for under $60K in renovation costs.  Great job keeping costs down as well.  

Hi Ron, Thanks! I just looked at your profile and I didn't realize there was a SouthCoast REIA. When do you all meet? I would love to join you if possible.

I would agree with @Gualter Amarelo.  I have a 3 family in New Bedford and a 4 family in Fairhaven.  Water is spot on at $35 per unit unless you allow tenant supplied washer dryer hookups.  We used to but have recently switched over to coin ops, which should be up and running this month.  Insurance varies depending on your building value and condition.  We installed a new roof and our insurance dropped by $1500 annually.  I was shocked!  Roof pays for itself in about 6 years, time value and taxes not factored.  When forecasting, I calculate insurance at $1750-2000 per year for 3 families.  I use current real estate tax on the property, look at Zillow for tax history if available.  

Hello, I'm a new member from New England.  I'm a current real estate investor with a full time day job as an accountant.  I'm looking to continue investing and meeting like minded investors.  Thank you!

Take some time and just save money.  You need 20% for a down payment on your next multifamily.  Make saving a priority.  The down payment builds fast when you're dedicated.