All Forum Posts by: Michael Lebeau

I have a 3 family that has all original crown molding as well as the layout 90 years old. DO NOT get rid of the crown molding. Not only does it bring value to the house but its a great look!

The only problem I had was how small the bathrooms were 90 years ago. I actually knocked a wall down to expand the bathroom into the bedroom next door eliminating the closet. I then turned that small bedroom into a walk in closet.

Looking for that 2nd investment property. Came across a 2 family that needs quite a bit of work but I'm in love with the location.

Here my analysis put together... would like some opinions, or advice if I'm missing something

Purchase Price - $50k

Repairs - $40k

Monthly Mortgage Payment w/interest - $260

Property Taxes - $290

Insurance - $150

Heat - $200 (currently setup to share heat off of one boiler, so would have to include heat in rent)

Maintenance - $100

Monthly expenses - $1,000

Rental Income

Unit 1 - $600

Unit 2 - $800

Monthly income - $1,400

Thanks ahead of time for the advice!

Do you know your credit score?

This is a great weekend for deals on appliances since its presidents day monday, a lot of sales going on.

Would do some research on what kind of prices are out there and if need be financing options.

I highly suggest the 24 months no financing from home depot.. thats the route I took, but if your not looking to spend a lot, try to find some places that sell used/scratch and dent appliances. These places usually have financing options available as well.

Hope that helps! Good luck!

@Brie Schmidt Congrats on the appraisal!! Looking forward to getting my 3 family appraised after putting a substantial amount of work into it.

Thanks @Kevin Fletcher

I will plan on getting ahold of the selling agent, asking questions and at least take a close look of the property.

@Rick Baggenstoss Sounds like a great success story in your case!

I'm definitely planning on stopping by the property and looking around to see the problems not noted in the description. Since this is my first experience looking into an online auction, I will most likely sit back and watch. Take this in as a learning experience.

Found a nice 3 family in my area that needs work but has great potential. It was listed a few weeks ago but suddenly is going up for auction. This is a short sale. Has anyone had experience with online bidding for a property? This property is going up for bid on auction.com.. Would love to hear someone's experience going through the process.

@Brie Schmidt When you refinanced recently, did your interest rate increase?

Back in June I locked in a 3.5% rate. Looks like they're up to 4.5% now. Not a big deal, just wondering and weighing in options.

Something else I haven't looked into... rates on home equity loans.

Thanks for the input. I didn't think of refinancing to cash out as an option.