All Forum Posts by: Rick M.

I see what Jeff meant with his analogy, do I make the property to my liking or buy a leftover. Obviously make it to my liking

I was leaning toward “Buying a leftover” because it’s easy but with all this positivity toward building I’m going to give it a second look.

I see that Quads are desirable in NH and they go quickly, I recently lost a deal because I wanted to get bank backing and when I did the next day the property was under contract, and I see building as a way I can seperate all the utilities right out of the gate and build a superior Quad…The only reason I think quad is because I was going to get a FHA loan. Now I see If I'm building I might as well see how much a 6, 8, or 10 unit would cost. Go Big or Go Home!! haha

               My thought process was get bank backing before I make any offers. I see this ethical way of thinking is “incorrect”. You should just make offers with the contingency of getting the actual funds to back your big mouth offer. To me that’s a hollow offer, I would want to see that the “buyer” has the funds before putting the property under contract but then again I like to be a man of my word. With this way of doing business we might have avoided the collapse of 2008 all together.

I do retract my previous statement saying it was “100% waste of my time”. I did learn that you have to make offers or you will lose the property, even if you don’t have the means to do so. It’s a lesson I learned the hard way. I lost my dream property because I wanted to make sure I could follow through with the contract. This loss makes me more hungry for the next deal I can get, I see now it’s a dog eat dog world in the real estate game. 

I looked into an FHA loan it's a ton of paperwork. I got all my finances in line and the day after getting the FHA approval the Quad I wanted was under contract. Pretty much 100% waste of my time and the gouge I took to my credit score.

I have had my realtor looking for a Quad in Dover and the surrounding area for a year and change. I was given an opportunity to possibly build a multifamily from the ground up. I happen to have a family member that has a good amount of liquid capital and he recently talked to me about looking into buying a rental property. I told him my dilemma and it was like a light bulb went off.

So my question is if you guys had the resources to build, instead of waiting for inventory to pick up, is this something that you would likely do?

What’s the general consensus with Salmon St and Brooks St? Am I going in the right direction or am I still slummin it?

That's what I feared that from Elm to Maple would be a "War zone" I looked at them today with my realtor. It’s a shame because 2 out of the 3 buildings are exactly what I want. They are beautiful redone units, new electric, new siding, new carpeting, and beautiful lawn maintenance but once you walked off the property it looks as if a meteor hit and I’m in a post-apocalyptic nuclear winter. So sad to see a property be diminished by the surrounding area I guess that’s why Location is such an important criteria. TBH I'm a little sad :-(

I'm looking at a few 3 units in Manchester, New Hampshire near Elm Street, it's my assumption since everything Shops, bars and parks are on Elm that Elm is a desirable place to live/own a property. The Three properties are on streets near Elm (2, 3 and 5 blocks away, walking distance to downtown Manchester), one is on Auburn St, one on Lake ave and one on Merrimack st, the farthest one away from Elm is 5 blocks away. My question is this downtown area a good place for a first time investor? This will be my first, hopefully not last, multi I buy in the area and I want to make sure this is a semi decent place to live/rent out an apartment. Mind you I will be occupying one unit for my FHA load stipulation. Thanks for the help

I think Dover is a more affluent area then Manchester..What would you rate Manchester? Toward Old Granite Street near Drynk.

Dover is a C class neighborhood? How did you come to that conclusion? I ask because I don’t know how to rate a neighborhood. I only go off if I would let my children walk home from school. If I would then I will look into in that neighborhood if not......then you know the rest. 

Ultimately the numbers will dictate where I choose to buy. When I was in school we all used to call Dover: “Dirty” Dover. I don’t know when it started to be “cool” to live in Dirty Dover but I guess I missed the memo haha