All Forum Posts by: Will Stewart

Just be careful, some areas are pretty rough. Be sure you know the area and drive by and look at neighboring tenants and such.

Dane Porter Biddeford is a great town. Best of luck on your investments up there.

@Matt Crow

3500 less 8% vacancy for gross of 3220 a month.

I figure 10% of rents for repair and 10% for capex (so $700/mo here)

another 10% for property management. less the $2100 piti we're at $144/mo.

Now lets assume you'll do your own work so lets put maintenance at 5% and PM at 0%. that puts us at $640 a month, 7.6% coc, which isn't great.

if you offer $315k that's $800/mo if you self manage. 11% coc. that's a little more like it. but i'd still consider the property taxes, if you get re-assessed or they get up to exeter or windham levels, you're talking another hundred or two off the top every month.

of course $290k will get you to that $300/door number, but you also probably wouldn't get the house! hope that helps.

Matt Crow Great thread thanks for starting it! You didn't ask me but I'll chime in and say 1% is enough for me to take a deeper look. Just gotta account for property taxes around here as you know. Few hundreds bucks a door profit is what I look for. Like to stick in towns with good schools to make sure I can get good tenants.

@Kathy Jackson

I think you're sensationalizing the pipeline a bit. Natural gas pipelines run by multi million dollar all over the country. 

Incredible how much cheaper energy could be in New England if they'd just build a couple pipelines. I just can't fathom the opposition to it. But that's a rant and topic for another day. 

@Matt Crow

I'd second Richard's opinion. What town is this in? Unless it's downtown Portsmouth, I wouldn't say "too good to be true"

@Ben D.

Think you need more info. Are your parents moving in to your primary residence? If not, evaluate it's current market value -- would you buy at that price to rent it out? IE $250k home, but $1500/month rent -- sell.

FHA loan with 3.5% down is great. Look into USDA @0% down if you're in a rural area. Fix it up, refinance to conventional, move on to the next one. Only allowed 1 FHA loan at a time.

I keep furnaces till they die. That said, 2-5k is reasonable for a furnace and install

solid list @Beau Garrett that combo will make you a lot of friends

book the sheriff!