ATTN Investors: Keene could use a "Porc Manor", can you help?

[SamIam]

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.

[David]

I have every intention of joining the tax rebellion.     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.   

[David]

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.   

[TackleTheWorld]

The location of the 7 unit building is Marlboro St, one mile from Central Sq.



Map

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.

[Caleb]

The location of the 7 unit building is Marlboro St, one mile from Central Sq.



Map

Is the owner Happy Dude? Or was he just renting the space?

[dalebert]

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.

[David]

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. 

[maulotaur]

The location of the 7 unit building is Marlboro St, one mile from Central Sq.
Map

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

[Russell Kanning]

Happy Dude just rents I would guess.

[anthonybpugh]

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. 

[Russell Kanning]

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

[dalebert]

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.

[anthonybpugh]

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. 

[freedominnh]

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.

[Jitgos]

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.