All Forum Posts by: Matt Leonard

Probably 625,000, but you won't know until you make an offer.

Yes, you can. Not sure about NY and NJ, but up where I am I would need to pay the filing fee for the state of formation of the LLC and then pay an additional "foreign entity" fee in the state doing business, so it might end up costing you more.

We're coming up on black Friday/end of year sales.  I was able to save $1000 by getting all of my appliances for a remodel last November at Home Depot.  Getting them used from Craigslist is probably cheaper, but you need to transport them and dispose of the old. There were extra incentives for getting more at the same time.  

Cabinets have sales cycles too, check with the home depot kitchen department designers who can let you know if they are having a good promotion or not.  Another poster alluded to avoiding cheap particle board cabinets, I would recommend paying the extra for "all plywood construction" and "painted finish" stay away from any kind of "thermofoil finish" which can't be painted/touched up or any particle board construction.

Depends if you want tenants or a cool fridge....  I would think that you would get $0 additional rent for a cool old fridge and it sounds like it could have cost you a tenant.  $500 for new fridge delivered from home depot and $15 haul away cost seems like a no-brainer.

Seems fishy, but being out of state might mean that he's tired of coordinating viewings with tenants (assuming its rented) for tire kickers.  The owner being a pain could work out in your favor since he isn't cooperating with anyone else trying to see it.

Many people will submit an offer on a property without ever seeing it just to get it tied up, as long as you have an inspection and financing contingency, you can always back out.  Make sure to coordinate with your agent (assuming you are using a buyers agent) to understand exactly what you need to do back out and the time frame on doing so.

@Bill S. That is BRILLIANT strong arm maneuver to get the owner to fix the problem!!  I'm sure the owner will move quickly to remedy the problem when he is getting hounded by the carpet company that has no power in their building.

@Christopher Price without seeing how the panel is wired, I think it is a little more involved than just installing an additional meter.  They may have to bring a new line in from the street, but at the very least will need to install a separate panel and move the wiring over.  Could be a couple thousand.

An alternative may be to try and get some money back and then have the owner pay for all the electricity going forward.  This would save them the cost and hassle of having to separate the power and you could turn your heat up without having to pay for it.  I guess it really depends on the owner...

If it were me, I would worry less about scaling up quickly and focus on finding good quality deals.  A good deal can be a springboard for future deals, while a bad one can sink you.  

Condos can have inherent issues with HOA's and condo regulations that could ruin your strategy, such as limitations on rentals, and unexpected costs. I know some people who have done very well with them, and others who got killed.

Make sure you read up on the potential pitfalls and get a copy of the condo docs, and understand them fully before you jump in to make sure its going to work with your plan.

@Makhwarand Khan

What would you define as a decent ROI? I haven't been able to find any MLS properties worthwhile in MA in a couple years. I'm not saying they not out there, but I'm not seeing them. If you are a first time home buyer and going through Mass Housing for a multifamily to house hack, I still think that is doable.

Not sure how familiar you are with those areas, but some neighborhoods in those towns are lower than C class.  It's not Detroit or South Side of Chicago, but there are some areas I wouldn't go to at night.

Anyone have recommendation on a property management company in the southern Maine or Seacoast NH area?

I'm closing on a 4 unit investment property in Berwick, ME at the end of the month. I am looking for a property manager in the area to handle rent collection, routine maintenance/landscaping, repairs both normal and emergency, evictions if necessary. Units are currently on yearly leases, but would also want the PM to handle placing tenants and any future leases.

Thanks! (also posting in the ME forum)

Anyone have recommendation on a property management company in the southern Maine or Seacoast NH area?

I'm closing on a 4 unit investment property in Berwick, ME at the end of the month.  I am looking for a property manager in the area to handle rent collection, routine maintenance/landscaping, repairs both normal and emergency, evictions if necessary.  Units are currently on yearly leases, but would also want the PM to handle placing tenants and any future leases.  

Thanks! (also posting in the NH forum)