Will you be the first to open a "Porc Manor (http://porcmanor.com)" in Keene?
Current multifamily listings in Keene:
http://www.beangroup.com/property/search.php?_classes%5B%5D=3&_areas%5B%5D=Keene_NH&_min_price=0&_max_price=0&order=0&_keywords=&status=1
Here's a seven unit for $329k in a nice location right on Marlboro St.:
http://www.beangroup.com/real_estate/listings/Multifamily/NH/Keene/584499
Six 1 BR apts plus a street-front business on one of Keene's main drags? Seems ideal.
That church/rectory in Marlborough is still for sale. The rectory has lots of bedrooms/potential bedrooms.
Quote from: FTL_Ian on May 06, 2008, 02:13 PM NHFT
Here's a seven unit for $329k in a nice location right on Marlboro St.:
http://www.beangroup.com/real_estate/listings/Multifamily/NH/Keene/584499
I looked at that place with Nick. I believe it has one or two two-bedrooms. I looked at the numbers for mtg and all the expenses, including those ridiculous property taxes, and it seemed like they were still asking too much in the current market, but... it may have gone down some since then. The store is really tiny. I remember wondering if I could open a coffee shop but there's no way. The market is probably going to crash more but rates may go up at the same time, but it might be worthwhile to crunch the numbers and figure out what would be a good number and make an offer.
My duplex was $205k, and I can make it work as an owner occupied, this is seven units, it has to be doable.
Realtor.com has a handy mortgage calculator:
http://www.realtor.com/search/listingdetail.aspx?mlslid=2669267&ml=3&typ=7&sid=347b7a4a2f2044cda2af7f1718f97726&lid=1086110362&lsn=2&srcnt=2#Detail
How much are folks paying for rent in keene?
Does anyone know what that business is in the storefront there?
Quote from: Eli on May 07, 2008, 08:20 AM NHFT
How much are folks paying for rent in keene?
Does anyone know what that business is in the storefront there?
Varies. The realtor.com link has a few amounts they are getting for the units.
Computer repair business.
http://www.realtor.com/search/listingdetail.aspx?mlslid=2669267&ml=3&typ=7&sid=347b7a4a2f2044cda2af7f1718f97726&lid=1086110362&lsn=2&srcnt=2#Detail
2275 in rents. Doesn't include a storefront and only four units seem occupied. Conventional mortgage calculator says 1600 per month. Could be very doable.
Rumor has it each unit has it's own utils, which would also be ideal.
So my very conservative overestimate on what this place might cost monthly are 2989.35 that includes the taxes and insurance that would be included in the escrow and a monthly mgmt fee (ie a maintenance budget)
That minus the rents comes to -714.35 in cashflow, which is pretty low if the owner occupies the other two units and the store. Serious potential. I used 1750 for the yearly insurance amount. Double what I pay now on a house worth twice as much. Any thoughts on that back of the envelope calculation?
http://www.questmortgage.com/calculator.asp
I pay 110 a week, that covers all utilities. This is prolly the lowest rent that I paid except briefly with the Kannings when I rented a room from them. It covers the small room itself, and access to the kitchen and bathroom. Not bad, I'll prolly continue living like this for the next few years at least.
If someone opened a porchouse with similar conditions and prices, and if it was somewhat close to the city, I would rent from them. Garanteed income for you. :D
The location of the 7 unit building is Marlboro St, one mile from Central Sq.
(http://www.beangroup.com/media/nneren/2669267/2669267_1.jpg)
Map (http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=central+sq+03431&daddr=305+Marlboro+Street,+03431&sll=42.93029,-72.273885&sspn=0.015397,0.035105&ie=UTF8&ll=42.929594,-72.273474&spn=0.015397,0.035105&z=15)
Thats the one for sale?!! Man if i had that kind of money, or a partner. :-\ I have always wanted a business. A storefront included, awesome. *drooling*
Quote from: David on May 07, 2008, 11:15 AM NHFT
Thats the one for sale?!! Man if i had that kind of money, or a partner. :-\ I have always wanted a business. A storefront included, awesome. *drooling*
Agreed. It seems ideal for a Porc Manor & liberty business.
Unfortunately I do not have capital for investment in real estate at the moment.
Quote from: David on May 07, 2008, 11:15 AM NHFT
have always wanted a business. A storefront included, awesome. *drooling*
What type of business did you want to start?
Buying housing in the areas doesn't sound like the worst idea. With prices falling, hopefully they will some day bounce back before the economy crashes, and we'll have land ready for new movers. I only have $30,000 though
Whitney and I are talking about doing some kind of partnership on a property like this.
This place seems really small. How did they get 6 units and a storefront that looks to be as big as the house in 3k sqft?!? Not to mention over 7 grand a year in taxes? Are you kidding me? That's at least $100/month/tenant mostly for services I don't want, need, or use. It's a buyers market, I'm in no hurry, and as the dollar collapses, the economy sinks into depression over the next few years, prices will only continue to slide.
I have every intention of joining the tax rebellion. >:D If I ever get myself in a position to actually own something, they won't get much out of me. But that is beside the point of this thread, unless kindred souls are interested as well. ;)
On topic, a small 3 bedroom place would be perfect. Thats what I live in now. The owner rents out 2 rooms, lives in one. He respects my privacy, and I don't mind the relative close proximity to other people. The down stairs room would actually be big enough for a small family for a short time, though long term would be stressful for a family. I would love to buy this place, but its not for sale, and I am not in a position to buy. :'(
Quote from: FTL_Ian on May 07, 2008, 10:59 AM NHFT
The location of the 7 unit building is Marlboro St, one mile from Central Sq.
(http://www.beangroup.com/media/nneren/2669267/2669267_1.jpg)
Map (http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=central+sq+03431&daddr=305+Marlboro+Street,+03431&sll=42.93029,-72.273885&sspn=0.015397,0.035105&ie=UTF8&ll=42.929594,-72.273474&spn=0.015397,0.035105&z=15)
That looks like 305 Marlboro, if it is,the storefront is ACTU computers, a one-time advertiser in the Keene Free Press.
It's directly across from the police compound.
Quote from: FTL_Ian on May 07, 2008, 10:59 AM NHFT
The location of the 7 unit building is Marlboro St, one mile from Central Sq.
(http://www.beangroup.com/media/nneren/2669267/2669267_1.jpg)
Map (http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=central+sq+03431&daddr=305+Marlboro+Street,+03431&sll=42.93029,-72.273885&sspn=0.015397,0.035105&ie=UTF8&ll=42.929594,-72.273474&spn=0.015397,0.035105&z=15)
Is the owner Happy Dude? Or was he just renting the space?
I met several of the tenants including the guy renting the store space. Some of the them were kind of belligerent toward us. The bldg seemed fine for what it was. Some of the units were small and the people were complaining about that which is kind of silly. They knew that when they moved in. It's almost like they didn't want me to buy the place or maybe they were hoping by being asses they would be able to get the owner to fix some things up for them. The store was quite small, dark, really messy. No room to display much of anything and no storage space whatsoever. Not much parking for the store. I'm going from memory, but I think the price may be ... like $30k less then when I looked at it some months ago- before winter. They may be getting desperate now.
Quote from: Coconut on May 07, 2008, 12:10 PM NHFT
Quote from: David on May 07, 2008, 11:15 AM NHFT
have always wanted a business. A storefront included, awesome. *drooling*
What type of business did you want to start?
Buying housing in the areas doesn't sound like the worst idea. With prices falling, hopefully they will some day bounce back before the economy crashes, and we'll have land ready for new movers. I only have $30,000 though
Prolly a restuarant. Thats' what almost all my experiance has been in. I wouldn't mind anything low end, like a small store or something. low end stuff does much better during recessions.
Quote from: FTL_Ian on May 07, 2008, 10:59 AM NHFT
The location of the 7 unit building is Marlboro St, one mile from Central Sq.
Map (http://maps.google.com/maps?f=d&hl=en&geocode=&saddr=central+sq+03431&daddr=305+Marlboro+Street,+03431&sll=42.93029,-72.273885&sspn=0.015397,0.035105&ie=UTF8&ll=42.929594,-72.273474&spn=0.015397,0.035105&z=15)
I might like to get in on something like this. I am currently in a similar situation with a house that I divided up inside so that the tenants have separate entrances and facilities, thereby providing better privacy and independence. The only things that are not separate are the utility bills and laundry area.
-Paul in VA
Happy Dude just rents I would guess.
Why not have several people pool some money together, form an LLC and then start purchasing some of these properties? Property management company. Get several people to contribute to it and you might even be able to raise enough money for a nice down payment.
Quote from: anthonybpugh on May 25, 2008, 01:02 AM NHFT
Why not have several people pool some money together, form an LLC and then start purchasing some of these properties? Property management company. Get several people to contribute to it and you might even be able to raise enough money for a nice down payment.
sounds good ... somebody might do it ..... or you could
Quote from: anthonybpugh on May 25, 2008, 01:02 AM NHFT
Why not have several people pool some money together, form an LLC and then start purchasing some of these properties? Property management company. Get several people to contribute to it and you might even be able to raise enough money for a nice down payment.
I definitely want to invest in real estate and I have entertained the idea of a property management company. The idea is that if I have to manage my own properties anyway and am already invested somewhat in the resources for that, it may make sense to collect a commission to manage other properties as well. I may have to bounce this idea of Mark. He's learning a lot about real estate and is interested in investing in properties also. It might be possible to manage properties in Keene as well if we had people there, either partners or employees. If we're starting small, it may just begin with someone who is sort of on call and paid on an as-needed basis and is looking at the job as supplemental income rather than primary.
Quote from: Russell Kanning on May 25, 2008, 06:06 AM NHFT
Quote from: anthonybpugh on May 25, 2008, 01:02 AM NHFT
Why not have several people pool some money together, form an LLC and then start purchasing some of these properties? Property management company. Get several people to contribute to it and you might even be able to raise enough money for a nice down payment.
sounds good ... somebody might do it ..... or you could
I've never done anything like this before but I can start the process of forming an LLC. It is simple enough of a process. I however do not have the money to invest.
If place is only insurable thru Lloyds of London surplus property lines---the insurance policy would be about $4000 a year.
No one would ever get an owner occupied anything be it mortgage or insurance for more than a two family in this market. Also plan on putting 30% down.
Caveat emptor.
When I move in a couple months I'll be looking to start a Keene porc manor. I might even attempt to lock down a house before I move so I don't need to worry about finding a place to rent. I agree that this seems like a big hole in Free Keene that needs to be filled.
I've dabbled in creative real estate and I don't think it'll be very difficult to find a nice, suitable place. Is the foreclosure problem hitting Keene like it is most of the rest of the country? I'm not specifically looking for foreclosures, just wondering what the market is like. The college seems to enhance the market so maybe it's not as down as other areas. When I'm ready I'll ask you keep an eye out for the type of property I'm looking for and hopefully we can get something done.
prices are going down
I still think a great place for a porc manor is the old catholic church and rectory in Marlborough. :)
Are they for sale? Is there a listing?
Quote from: Russell Kanning on May 28, 2008, 06:52 AM NHFT
I still think a great place for a porc manor is the old catholic church and rectory in Marlborough. :)
The numbers didn't work for just renting out rooms. One has to make it work by making money with the church building somehow. Unfortunately, there's not enough parking (like almost no parking) for that to be very practical. Even with the price dropping from 600k to 450k, it was still too high. There is also substantial expensive work that needs to be done that has to be considered, as in things like roofing.
Quote from: dalebert on May 28, 2008, 09:01 AM NHFT
Quote from: Russell Kanning on May 28, 2008, 06:52 AM NHFT
I still think a great place for a porc manor is the old catholic church and rectory in Marlborough. :)
The numbers didn't work for just renting out rooms. One has to make it work by making money with the church building somehow. Unfortunately, there's not enough parking (like almost no parking) for that to be very practical. Even with the price dropping from 600k to 450k, it was still too high. There is also substantial expensive work that needs to be done that has to be considered, as in things like roofing.
If this (http://www.beangroup.com/real_estate/listings/Commercial/NH/Marlborough/583600) is the place, the price is now down to $325K!
Sounds like they might take an offer.
Be warned though - Marlborough is a town that puts American flags on its roadsigns. It's certainly not as cosmopolitan as Keene.
It doesn't even have to be very big. Nothing like Porc Central. The guy I rent from now, rents out 2 rooms in his house.
To help with the project start up, if the rent is reasonable, (I pay 110 a week now) and in town, (keene of course), I would be willing to move to your place just to help with initial start up costs. :)
Something to keep in mind if anyone is serious about this.
Quote from: Friday on May 28, 2008, 09:05 AM NHFT
If this (http://www.beangroup.com/real_estate/listings/Commercial/NH/Marlborough/583600) is the place, the price is now down to $325K!
That's the place.
Quote from: David on May 28, 2008, 09:26 AM NHFT
It doesn't even have to be very big. Nothing like Porc Central. The guy I rent from now, rents out 2 rooms in his house.
To help with the project start up, if the rent is reasonable, (I pay 110 a week now) and in town, (keene of course), I would be willing to move to your place just to help with initial start up costs. :)
Something to keep in mind if anyone is serious about this.
It's good of you to offer that as it could make the difference for a buyer. Multis frequently come partially rented, so having you move in would make topping off a multi quite convenient.
Quote from: Friday on May 28, 2008, 09:05 AM NHFT
If this (http://www.beangroup.com/real_estate/listings/Commercial/NH/Marlborough/583600) is the place, the price is now down to $325K!
Holy crap...
I have entertained notions of making the church into a party. Goth would be perfect but I don't think there's much demand for that in Keene, unfortunately. However, there are a lot of college students and not much to do on weekend nights. So here's a thought I had. No parking and not walking distance from Keene, right? Well, how about a party bus? Imagine a van with a route between the church and some convenient spot near the college dorms. It's a great way to prevent drunk driving. It's also great advertising because the van could have logos painted or magnetized all over it as it drives around. It would probably become infamous. It should be marketed to people in town as a way to keep all the rowdy young kids from roaming downtown Keene on the weekends.
I love the idea but I'd be more than a little nervous about taking on such a task on my own. Also, I can only qualify for loans on commercial property. If it's possible to cover the mortgage ($325) and expenses with just the boarding house, that would buy us time to start making something happen with the church. It could be a party place on the weekends at night and there might be some potential to actually rent it out for events at other times. Again though, serious parking issues... I would estimate the place also needs between $50k and $100k in repairs. I'd definitely walk a qualified builder through before making an offer.
BTW, there's an antique pipe organ in that place that kind of blew my mind.
Ya, Kira was jonesin' to play that thing.
when it was $600,000 ... we offered them something like $1,500/month for 50 years .... and the realtor basically laughed at us. Now he lost the listing a year ago and it is $325,000. They have been paying to heat the place for 2 years since our offer. The place is owned the catholic church, so it isn't like they are carring a mortgage. I don't know why they wouldn't take alternate financing.
There was nothing really wrong with the place 2 years ago. It will need work over time, since the place is 100 years old. We were going to call it the Marlborough Chapel.
Quote from: FTL_Ian on May 28, 2008, 09:08 AM NHFT
Be warned though - Marlborough is a town that puts American flags on its roadsigns. It's certainly not as cosmopolitan as Keene.
and Keene isn't Americana all the way?
Quote from: David on May 28, 2008, 09:26 AM NHFT
It doesn't even have to be very big. Nothing like Porc Central.
the bigger the better
the price per room rented out goes down with size .... plus many people are not ready to take on a bigger project
Quote from: dalebert on May 28, 2008, 11:24 AM NHFT
I have entertained notions of making the church into a party. Goth would be perfect but I don't think there's much demand for that in
After actually going there and looking, I would probably have to agree with that statement now.
-Paul