All Forum Posts by: Jonathan Ramos

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $185,000
Cash invested: $20,000
Sale price: $260,000

Second live in flip in New Hampshire

What made you interested in investing in this type of deal?

At the time we had just sold our first live in flip and was living in a small apartment. I was looking for a solid investment to do this one more time.

How did you find this deal and how did you negotiate it?

Luckily I found an off-market deal through a real estate agent. The seller wanted 180k and the agent wanted 5k so there wasn't much negotiating since I knew i was purchasing at aprox. 15-20% below market value.

How did you finance this deal?

My first house hack in Massachusetts had tons of equity so I took out a HELOC on it and bought it cash/with the heloc.

How did you add value to the deal?

I opened up a wall to create a better flow to the kitchen. Painted cabinets, refinished floors, put in new bathroom fixtures, painted the whole inside and out to brighten it up.

What was the outcome?

My wife and I were expecting out first child, and we needed a bigger place so we put a HELOC on the property as well and bought another home. Afterwards we sold the property.

Lessons learned? Challenges?

If you have a willingness to work and can stay positive even when money is tight you can come out on top!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Now that I have done this several times give me a call I am lic. in New Hampshire and Massachusetts!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $245,000
Cash invested: $50,000

House-hack that turned into a buy and hold

What made you interested in investing in this type of deal?

I was in college and did not want to pay rent so I decided to buy instead and house-hacked.

How did you find this deal and how did you negotiate it?

I used a Real Estate agent.

How did you finance this deal?

Conventional financing 5% down no PMI first time home buyer program.

How did you add value to the deal?

I tore each unit down and put in new kitchens, paint, refinish floors, and re-did decks.

What was the outcome?

I rented it out to friends at first now i have long term tenants in each unit and if cash flow positive.

Lessons learned? Challenges?

Sometime charging a little less and having long term tenants is better than getting top dollar always.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did work with another agent but I have done this strategy now several times. I would recommend myself as many agents do not know much about multi family properties.

@Troy Zsofka

Thanks for your response. 

That's a great idea. I was also worrying if they will destroy the property as they vacate it in spite. Maybe cutting them a deal such as the one you proposed would be a great idea. 

As far as water/sewer I guess I will just have to wait and see. 

I do not want to remove all their clutter so I am not sure if I am now responsible also to remove all their belongings or if it now become mine and I have to remove everything out of the property. But i do see you point of view. Also if I acquire the property who is stuck with the storage/moving bill? I have rentals but never had to evict anyone thankfully.

Jon

Hi all,

Thanks for you input. If it comes to me having to pay them off to leave and its fair i may do that but I need to prepare myself for worst case. 

@Sarah McCoy I appreciate your elaborate response. I looked into RSA 540-A, as I understand it the current homeowner was given notice 25 days prior to auction. If the current homeowner did not petition the court for an injunction to stop foreclosure they gave up almost all their rights on the home. When I file for eviction after closing the court will see that they gave up their rights by not filing petition. 

Now, I am wondering 

1. How would I start the eviction process?

2. How long does the eviction process take?

3. In a typical Real Estate transaction personal property is not included in the sale is this still the case?

4. Who pays the final utility bills after sale?

Any answers you guys have would be great just trying to inform myself the best possible. 

Jon

Hey BP,

I am considering buying a home at auction. The home is currently occupied by the previous owner or a tenant not really sure. 

I was wondering what the process is like to evict the current tenant/owner if I was to purchase the house. Do any of you have experience with this in the state of NH?

Thanks

Jon

Tell him to pound sand

781 Santos does all my work 309 2236

Shoot me a email [email protected] with more details.

Looking for the best HELOC loan available that you guys know of. All suggestions are appreciated. I have searched my local banks but am wondering if there may be better deals out there that I do not know of.

So far the best deal I could find is 

-Prime - .51% 

-10 yr Draw period 

-No floor, Ceiling cap @ 18%

-80 LTV

-99 origination fee

-50 annual fee

-100k min/200k max

Just like General Electric HQ building in Boston I see other large companies coming. Boston has the talent that Amazon needs. Wouldn't be surprised if amazon picks an outside city of Boston. With two airports MHT and BOS nearby it offer maximum transit options.