All Forum Posts by: Laura Cardenas

@Sean LeBlanc any advice here ?

Investment Info:

Other buy & hold investment in Somersworth.

Purchase price: $89,900
Cash invested: $16,000

Half of a duplex, it's considered a condex. No HOA

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

I was limited on options because of the amount I was able to get mortgage for, this home gave me the square footage and bed bath combo I was looking for and was well within my preapproval of 135K

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

I had a real estate agent, but I actually found this deal myself on zillow

How did you finance this deal?

Conventional loan through portfolio lender

How did you add value to the deal?

I've painted most of the home, replaced the flooring, turned the outdoor area from dirt lot to green grassy oasis in the city.

What was the outcome?

I still live here. I am currently looking into purchasing the other half of it(he's motivated to sell)

Hi BP world!

If you've read my bio or other forum posts then you know that I own half of a duplex.. Well, the owner of the other side has approached me several times over the last year asking if i want to buy his half. Today I ran into him outside and he asked me again, this  was the first time I really dug a little further with questions. I said what are you looking to sell it for, he said I'd like to get at least 70.. I said if I don't buy it are you going to put it on the market? He said no I plan to call one of the home buying companies, because it's going to need quite a bit of work. I said let me talk to my SO and i'll get back to you. 

So here's my question, is there a way to purchase his half of the duplex and merge it into one mortgage loan since it's under the same roof?

Also, any tips for when I do go back to him with a proposal? I was thinking I might say something like "Give one of the home buying companies a call, find out what they'd pay and I'll likely be able to do better"... how do you feel about this?

Thanks in advance!

Laura

Hey fellow BP members!

I have lived in my home (I own half of a duplex, technically a "condex") for a little over a year now and I've been adding value little by little since we moved in. The backyard was transformed from a dirt lot to an oasis last summer and its such a beautiful spot to hang out when it's warm.

The neighbor that I share a fence with is a 3 plex unit with and absentee owner. The tenants there are low quality, always swearing and fighting, always leaving trash outside which ends up blowing into my yard, and many other less than ideal qualities. There are trees on his property that haven't been trimmed in decades and are spilling onto my property.

It's clear the owner doesn't spend time or money at this property. I initially was trying to figure out how to get ahold of him so I could ask him to spend some time/money getting the trees trimmed and the trash picked up.

The more I think about it though, the more I realize I'd love to buy his property and put some love back into it.

I would want to buy it only if the tenants were gone, is this "a thing" when asking someone to sell you their house to also ask they get rid of existing tenants ?

Any advice for this newbie from New Hampshire?

(I should tell you all, it is one of my current goals to find and purchase a 3 or 4plex in my town.. so this would really hit that mark. )

@Megan Frank

This is exactly what I want to get into, our goals seem similar.

I would love to meet up and chat real estate! I will try to figure out how to DM you on here :)

@Sean LeBlanc Hi Sean! Thanks for the welcome. Is Aleah at The title team your wife by chance? Her and I are friends on Facebook, she did my closing(with her old company) when I bought my house I'm in. I saw on your profile that you're familiar with small multifamiles ! That's what I'm looking to get into. Currently own half of a duplex. I've owned it for a little over a year. My plan is to get it on the market this spring. Looking to buy a 2-4plex in the seacoast or southern New Hampshire area!

Hi everyone!

I'm Laura Cardenas, I live in New Hampshire, I'm new to BP and loving it. It would be cool if 3 years from now Brandon Turner asked me to be a guest on the show. That's when I'll know I've come full circle :). Every time I get in my car, my Bluetooth connects and I'm automatically hearing the BP podcast through my speakers, doesn't get easier than that to do my "homework".

I've been dedicating a lot of time lately listening to the podcasts, it's amazing how much free and useful information I've found here. ((Thanks Joshua Dorkin for creating this awesome platform))

I have always had an interest in real estate, I guess I could thank HGTV for that. I used to and still do love watching the flip shows.

I currently am interested in buying small multifamiles that have great cash flow, that are relatively close to my home.

I currently own half of a duplex and I'm looking to purchase a duplex/3-4plex and house hack there for a year then repeat this strategy again. I have added quite a bit of value to my home I'm in now. It's not in a good neighborhood so I can't decide if I want the headache of trying to find/keep respectful tenants here or just sell it take my profit and move on to the next one. Any advice?

I'd also love to get into fix and flips in the near future. I'd ideally like to find a mentor show me the ropes in that arena (as well as landlording too!) I'm willing to dedicate my time to someone who may be willing to help me. If you know anyone in the sea coast area of NH that is in the business, I'd love to have their contact and at least have coffee together!

Thanks in advance for any insight you have for me! Have a great day fellow BP members.

-Laura