All Forum Posts by: Stephen Scire

Quote from @Alecia Loveless:

@Stephen Scire Not necessarily bad deal just because it’s sitting. I just bought a 5 unit that had been sitting about 160 days. It had been about 70% renovated but one of the partners died and the other was the silent partner. The original price was about $100,000 higher and the seller refused to budge on the price after inspection. I looked at it with my contractor and had my price based on the cost of repairs but the seller was very difficult because he didn’t believe I wasn’t going to try to renegotiate after the inspection. The seller continued to be difficult throughout the entire sales process. We ran into a problem with the title which pushed out the closing by a month but finally resolved it and closed.

Sometimes you just have to be patient and persevere.

Alecia 
I love , love , love your persistence & confidence of the deal
I'm sure your knew your goals going in & the properties' potential

I could scrape up the 20% needed but also want to stay somewhat liquid
But the other side says to go for it & make it happen, I believe i CAN get @ 9% yield in 3-5 years

If there's anything I can help with in the Boston area, feel free to reach out

Thank you for responding 
Much appreciated & useful

Quote from @Peter Vekselman:

@Stephen Scire

be very cautious buying from MLS anything that has been sitting. i bet a number of investors have already looked at the deal and for some reason arent buying it...

 Thank you Peter

Will do

naturally all will be contingent to inspections 

Thank you for your response

Quote from @Justin Hammerle:

@Stephen Scire - would you be using this as your primary residence, or just as an investment property?

 This would be stricty investment Justin, I actually just put in an offer today based on my deposit & seller financing , 5 year , balloon payment after 5 years

I wrote in straight line amortization so I could build equity at the 5 year mark & making it easier to refinance with a bank

Honestly, I'm kind of shooting from the hip & trying anything & " on the job training" lol

While I'm no stranger the multifamily, this commercial property purchase ( 4- 1 bedroom , 2 small retail) is new to me... but in no way shying away from it

Keep in mind... inspection will be very important ( sprinklers, smokes, main water feed) ... so im not going blind & "starry eyed"

Thank you in advance Justin for any input

Steve

I spotted this 6 unit building that can eventually yield 8-12 % with many non structural improvements 

(Washer/dryer , kitchen upgrade, centralize heat / A/C)

It has been on the market for almost 60 days & has previously come down in price by 7%

asking is now 1,275,000 offering 1,210,000

20 % would put me very much less liquid but can handle 150K 

(I do have @ 2 mil in equity in other properties)

What kind of creative ways can i get the other 92K for deposit

I have already reached out to family & friends with no success

Is this a lost deal ??  

Was ready to finance a seasonal rental in the 23rd hour Bank selling me will not Finance me what am i options don't have the income to justify it being categorized as a second home they won't categorize it as an investment property because it's labeled as seasonal property I have assets over 2 million what can I do time is ticking

Need help fast

@Frank Patalano

Thank you for the info yesterday Frank I would just happen to be searching driving in the New Hampshire area and I came across some Beach area in Hampton not in the flood zone currentky ...but very close and quite possibly could be in the future noi is absolutely incredible talking roughly 2,000 a month.... is it worth the risk..

Decision making time possibly thinking about putting in an offer contingent on further research..... flood zone map was re-structured 2 years ago but it hasn't been released yet...

@Frank Patalano

I'd have to say buying in the right location...

I'm really targeting college or commuter towns outside Boston area...I have 5 units now in East Boston, 2 i bought in 1999 by being very determined (later story) 😊& 3 others i inherited/rehabbed and increase rent roll by doing so...

but being 56 now i feel very passionate about bringing it to a new level. Being self-employed, these are retirement moves to increase monthly income. I am no problem going as far as New Haven (Yale area) , but because of distance, dont want an "I told you so" from spouse who rather buy closer.

My goal is to buy 2 more in the next 2/3 years...I have the 20% down, just want to target a good 1.

The good part is that I'm looking all over, Manchester NH to Providence to New Haven.

My original farm area was RI .

Still searching. I'm patient, just really obsessed in getting this 1st intentional move.

Thanks for Professionals like you for being there.

@JD Altobello

Hey, JD

Thanks for reaching out, yes I am seeking out that property similar to the Davis square, Porter square or even that Harvard square type of area that is similar to RI.

I love that stability of constant need for housing in college areas.

Looking for that comparable type of neighborhood or extended neighborhood....and yes, my early focus was/is the Brown University area to the Yale University area.

So with that Boston/ New Haven experience....

I would love to hear what you have to say as well.

I am taking some previous advice & going to seek out a local investor's group ( to Rhode Island)

@Shannon M.P. Lewis

Congratulations....u especially love the father / daughter team .

Much success going forward !