All Forum Posts by: Thomas Hickey

Congrats on your first deal, it will open a lot of doors for you and if the market softens you'll be able to swoop right in

Mike Abramowitz I agree mike. There are many successful landlords in this state. Buying in a neighborhood that is on the edge of gentrification will help too. You won't pay a super premium but be able to attract working tenants, once you see a Starbucks go in it's all over though, time to seek the next up and coming market.

Charlie MacPherson Do you know if towns on the north shore are eligible for USDA loans?

It really depends on the amortization of the loan. If you can get at least a 25 year, 30 is better. I notice in my market 4 unit vs. 5 unit they're often almost the same price, so you're essentially getting a unit for free. Another benefit of these buildings is anything under 11 units usually skirts below the strict enforcement of the code department. Like someone else said though plan on managing yourself until you can get enough in the same area and justify a manager.

In this tough market take what you can get. 10k in the grand scheme is not much if it's otherwise a solid house. Easy for him to take the next offer if you get too picky

If it's cheap enough throw it into court and see what happens. Seems very grey though I wouldn't expect anything.

My take is that it was at the end of its service life anyways if they're good tenants don't charge them

I've noticed that in smaller buildings such as a 4 tenants are more likely to take care of small stuff and common spaces. The bigger the building the less it seems less likely they would example shovel snow

Once you go over 4 typically you need a dumpster, also will need sprinklers and fire control panel that calls fire dept with any significant renovations. Some areas have a higher real estate tax for commercial property as well. There is a LOT more competition for 4 unit properties though

The only benefits to a 4 plex are low percent owner occ loans. Also 4 plex usually are exempt from a lot of the stricter building codes that an 8 unit would fall under. Other than that 8 plex hands down