All Forum Posts by: Jason Woodson

Thanks everyone!!  @James Canoy besides the stuff mentioned, we did about 40% of the floors, tons and tons of paint, some trim work, gutted and redid one bathroom and kitchen, replaced all the appliances, two water heaters, built a small shed for an oil tank, some capping on the roof, just a few spots for wall repairs, poured a walkway, and redid a lot of the plumbing lines (lots of leaks).

Brian Garrett yes this was right off the MLS, had been sitting for a year or so if I remember correctly. Chris Luksha I'd love to grab a coffee and chat :)

Hey all,

I purchased my second duplex in Keene New Hampshire and just wanted to share the final numbers.  BP has such a great motivator and source of information, I can't even begin to explain how much it's meant to me.  I found this deal in late May and finally was able to close in August after a number of issues with the title.  I'm very lucky that I was able to do almost all the work with my parents minus some electrical, tree removal, and putting in a driveway.  I was also fortunate to find some amazing tenants and had leases signed 6-8 weeks before we finished the work on their respective units.  The work took about four months, $52k of the money was my own and the balance was funded by a family loan. 

Listed Price $70,000

Purchase Price $62,000

Rehab costs $23,000

All in costs $85,000

Appraised ARV $168,000

Cash out refi $90,000

Open Equity Line $44,000

Capital position Gain $49,000

Current Equity $34,000

Net Gain $83,000

Unit 1 Rent $1250/month

Unit 2 Rent $750/month

Rent totals $2000/month

Debt payments $870/month

Additional costs: $340/month (vacancy, capex, opex)

Final Cashflow $890/month

@Bradley Tetu  That was really helpful for me to look at and plug my numbers against, thank you so much!! I'd love to hear how things end up going on your Claremont property.

@Brian Garrett The main reason is that it's really exhausting, and relies so heavily on my step dad to pull those types of numbers. I'm sure we'll do others in the future, but we all need a break. I want to get one as a traditional buy (that was the idea for this one), and FHA into another from the proceeds of this then reanalyze from there.

@Bradley Tetu we checked out the foundation, and there was an inspection done that didn't find any issues (a friend of mine had this under contract before).  If you don't mind sharing, I'd love to see your breakdown and compare it to mine to see where we are thinking differently.  Where did you guys end up buying?

Thanks for reaching out to your contractor, and I really appreciate your input!  

@Matt Lefebvre Ahhh, that makes sense, in my mind I think of it as OpEx lol.  One tenant in the lower unit with a lease that expires 12/31, top unit it empty.  My goal would be to have occupied with people I've vetted (current could stay or leave if they pass screening) by Jan 1.  

BTW thank you for taking the time to provide feedback on this!!  

@Matt Lefebvre I'm the same way, I'm trying to find as many reasons I can why it won't work before deciding to move forward or not! :)

That $15k number is accurate, luckily I have some great resources within my family where I won't have to pay labor for anything except the roof which already has a couple estimates. I'm ok with the ARV; even if it is off I'm not looking to resell but based on comps it is probably higher (I'm always super conservative with my numbers). Keene is a weird market; the property I'm rehabbing now was $62K, put in $20K and 4 months of work, now at 140K (conservative estimate, appraisal for the refi is next week) and that sat on the market for over a year as well. Most investors in the area focus on the college rentals or large apartment buildings.

I apologize I'm not sure what you're referring to for R&M?  

Hey Max, I'm in NH and everything over here is that age! Don't let the number scare you, if everything is updated and your inspection is good that puts you in a great spot. My company has an office in D-town (moved to Exton) but would love to connect next time I travel down there.

Hey BP fam! I'm in Keene New Hampshire and finishing up a BRRR investment that has gone really well. I'm currently looking at a deal and thinking about putting about 60% of my currently available capital up for it and wanted to get some feedback. Hoping I can get the price down a bit but it's been on the market for over a year and fell out of contract twice, FSBO, and the listed price has only dropped 5k. Im focusing only on buy and hold at this time so the ARV isn't super important to me (in fact I'm ok keeping it down since the tax rate is ridiculous!). 2 story duplex, 2/1 on first floor, same on second 125,000 price 15,000 rehab needed (nothing immediate, but within 2-3 years, deck/exterior stairs, roof, junk garage, couple small floors, chimney/vent) 165,000 ARV 1800 total rents (900/900) 1200 all expenses (mortgage, insurance, taxes, vacancy, water/sewer) Pros: Turnkey. Centrally located, walk to downtown, two local colleges. Good floor plans. Basement laid out very well for all the split utility systems, easy to access and work on (a first for me!). Ample parking. Next to main bike path in town. Easily add third bedroom on second floor unit, 1500 cost, add ~150/month in rental income. Cons: No laundry in units. House to one side not falling apart but is a hot mess. Thanks all!!

@Bradley Tetu if your friend was ok with you referring them, I'd love to connect as well.

Thanks!! :)