All Forum Posts by: Jim Mitchell

Hi All, update since i last posted I am about to close on my second short term investment property in Bartlett NH. I am very excited as it is turn key with with an existing tenant pipeline and furnishings. I will be able to cashflow it immediately and that is with a property manager to help me get it going until i fully learn the ropes and potentially take over property management (still have a full time job which i love and want to keep doing )

Also, i just posted the below to another forum and thought I would share it here in case anyone is interested in helping me or know of anyone who is

Good Morning I am new to wholesaling/flipping and I am looking to work/partner with someone to help me walkthrough the steps I should take on a driving for dollars opportunity that I have found.

It is located in Milford NH on a desirable area with comps running 325k - 350k. The home needs a lot of work ( I have pictures) and is asking $189k. I asked for his lowest and said 176k.

I am hoping to find a mentor to help me through this post so please let me know if your interested

Thanks

Jim

Good Morning I am new to wholesaling/flipping and I am looking to work/partner with someone to help me walkthrough the steps I should take on a driving for dollars opportunity that I have found. 

It is located in Milford NH on a desirable area with comps running 325k - 350k. The home needs a lot of work ( I have pictures) and is asking $189k.  I asked for his lowest and said 176k. 

I am hoping to find a mentor to help me through this post so please let me know if your interested

Thanks 

Jim

I am actively looking in Bartlett/ North Conway area. Looking for someone experienced in investment Properties/ short long term rental opportunities who have established networks to help me get started.

@Richard Dale-Mesaros what are your thoughts on Lincoln single family homes for short term rental? Seems to be alot of competition from all the condo units in the area.

thanks mike!

hi @Michael Murray great post. Do you mind sharing whoyou use fior propertymanagement?

Thank you for the education @Ann Bellamy . The property is located in my old home town here in NH. 3 key things I learned from your post today. 1) Always run title search, the good news i have an attorney who can help me with this. 2) Make sure you are able to do an inspection of the home so you can make an informed decision on repairs etc. 3) Start networking in person, which I will do when i attend  your next meeting. 

Thanks

Jim

I have used the Nest for my vacation rental and I have had a great experience with it. Has saved many times when tenants leave the air conditioner after they leave and have used it when vacant in the winters to control heat during times when I need to ensure the pipes don't freeze. It is easy to use and set up if you already have wifi established in the home. I don't think there is a whole lot of difference between the nest, zigbee or honeywell thermostats. I think it does comes down to personal preferences.  I also have the Nest smoke and carbon monoxide detectors (State requires carbon monoxide detectors) CO2 detectors give you peace of mind anyway so you may want to consider that at the top of your list.

I have also set up my own portable security cameras when I don't have tenants. This does require a little bit of technology knowledge but if you want you can also have Comcast do it for you. (much more expensive) I have not tried the locks yet, little concerned with the security but need to read up on it more. 

On a side note, short term renal tenants these days love the newest tech perks. For example, internet connected TV's with Netflix, Xbox for kids and those rainy days, and apple TV etc.  I also believe it or not have the old tried and true board games but new tech is desired. . You don't want to go overboard (cost) but if you can add these little things it definitely helps

Jim 

The home was purchased in 2010 and loan for 379k was taken out on it. Not sure if that matters when considering some of the risks.  To your point won't matter if the current owner vandalizes it

Thank you @Rob Singles. I have not inspected and it looks like it is currently owner occupied and definitely do not want to jump in based on the deadline. I do want to be conservative with my bid and leave enough for some profit if something is off the charts wrong. It is also a home built in 1913 and i know the town will require it to be brought up to code. Based on the pics there are GFCI outlets in the kitchen so it looks like it has already been brought up to code with electrical. 

I am going to see if I can get in tomorrow to see it but everything i have found so far does not allow me in . 

Here are the terms : 

Transaction Details:

• Buyer will not be charged a Buyer's Premium for this property
• If you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.
• Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property). If buyer does not purchase title insurance, buyer will receive a Quitclaim Deed or equivalent, with no express or implied warranties of title.
• Buyer is responsible for all escrow fees typically ranging from $850 to $1,375.
• This property is reported to be occupied and buyer is responsible for obtaining possession.
• Property to be free and clear of all delinquent HOA/COA fees at closing.
• Property is being offered as is, where is.
• This property is being offered exclusively through Auction.com before it will be available to the broader market. Please be aware that in rare instances, issues arise that may require the seller to cancel the transaction due to this early availability.
• Until the seller's reserve price is met, Auction.com may counter bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price. Counter bids do not occur after the seller's reserve price is met.