Starting out in Southern New Hampshire. Any advice?

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Starting out in Southern New Hampshire. Any advice?

Matt Parrino
Member since 2023 · 1 post · 3 votes

I am a 23 project engineer who is relatively new to the area(Dover, NH). I am currently saving up to buy my first property and have been listing to the BP Rookie podcast for some time now. I am looking to learn more about how to find good affordable deals and the overall process. Any advice would be great. I am looking to house hack to start out so small multi family is what I would be looking for. Overall, I am good with project planning and budgeting.  I would love to connect with anyone who is in the area or anyone who I could talk to about real estate in general. 

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Jason WrayPro Member
Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
2y

Matt,

I had some properties up around Dracut/Nashua that we sold a few years back. I also had a few up in North Conway which is a great short term rental location. Dover is a great place to start and I would suggest a 2-4 unit buy it as a primary so you can save on the DP. After a year refinance and jump into another REI and keep the ball rolling.

Mortgage rates are starting to come down so it will trigger a seller's market with multiple Bids/Offers so be prepared. if you can get a head of the game with preferably a "Loan Commitment" letter from a Bank/Lender versus a Pre-approval it can increase your chances on the offer being accepted. Know your rents in advance "market rents" so you can gauge your 75% allowance on the deals.

If you can find a 2-4 unit by the University or by one of the higher rates school it will help you in the future with renting unit.  Dover is rated very high on education and the schools so location can come in handy with Moms & Dads with kids...

I am always open to talk REI if you have any specific questions or need more information. I plan to head up that way next month and drive over to Kittery to look at a place.

[email protected]727-637-4289
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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    2y

    Matt,

    I had some properties up around Dracut/Nashua that we sold a few years back. I also had a few up in North Conway which is a great short term rental location. Dover is a great place to start and I would suggest a 2-4 unit buy it as a primary so you can save on the DP. After a year refinance and jump into another REI and keep the ball rolling.

    Mortgage rates are starting to come down so it will trigger a seller's market with multiple Bids/Offers so be prepared. if you can get a head of the game with preferably a "Loan Commitment" letter from a Bank/Lender versus a Pre-approval it can increase your chances on the offer being accepted. Know your rents in advance "market rents" so you can gauge your 75% allowance on the deals.

    If you can find a 2-4 unit by the University or by one of the higher rates school it will help you in the future with renting unit.  Dover is rated very high on education and the schools so location can come in handy with Moms & Dads with kids...

    I am always open to talk REI if you have any specific questions or need more information. I plan to head up that way next month and drive over to Kittery to look at a place.

    [email protected]727-637-4289
    1Reply
  • Patrick McCannPro Member
    Realtor · NH · Member since 2022 · 113 posts · 59 votes
    2y

    Hi Matt,

    I househack a duplex in Dover, NH. I've had it for a little over a year now. I watch this local market pretty closely and have networked with quite a few local people. I'll send you a message so we can plat to meet sometime. Also there is a meetup that meets monthly on the first Monday of the month at Chapel and Main.

    [email protected]603-818-9095
    1Reply
  • Alecia LovelessPro Member
    Member since 2019 · 3k+ posts · 2k+ votes
    2y

    @Matt Parrino I’m in the White Mountains and am always happy to talk real estate.

    Anything by the schools is a great opportunity. That’s how my parents built their fortune down in Texas in the 60s and 70s. They bought a ton of property around a university when no one else wanted it and sold it around 2000 to some big developers for a fortune.

    I focus on small to slightly larger multi family buy and hold.

    If you have any questions feel free to reach out.

    I’d love to learn more about the meet up!

    0Reply
  • Sean DelisleBusiness Member
    Real Estate Agent · Londonderry, NH · Member since 2021 · 102 posts · 50 votes
    2y

    Hey Matt,

    I wish I thought about investing in Real Estate when I was your age!  Way to go.  The market has definitely been odd, but there are deals out there for sure.  It just takes a lot of sifting.  You're on the right track with this community and listening to the podcasts.  If there's anything I can do to help feel free to let me know.  Good luck!!

    [email protected]978-233-1756
    Elevate Property Group|BHHS Verani5132 Reviews
    WebsiteView Page
    0Reply
  • Jaylan ArcherBusiness Member
    Real Estate Agent · Portsmouth, NH · Member since 2014 · 150 posts · 65 votes
    2y

    Hey Matt! 

    I concur with what Jason said here, definitely smart going with the 2-4 small multi-family route and house hacking your first investment. The challenge of it is going to be finding a property that makes financial sense. Typically for the 2 unit you aren't going to be able to pay all of your rent with just that one tenant, with a 3 or 4 unit that can drastically change your cashflow and turn a property into a winner.

    Dover is a great market but competitive so you might want to consider the surrounding more affordable markets like Somersworth, Rochester, Farmington and Milton.

    Would be happy to connect with you.

    Archer and Associates of KW Coastal587 Reviews
    WebsiteView Page
    1Reply
  • Elaine Madrid
    Member since 2022 · 2 posts · 1 vote
    2y
    Quote from @Patrick McCann:

    Hi Matt,

    I househack a duplex in Dover, NH. I've had it for a little over a year now. I watch this local market pretty closely and have networked with quite a few local people. I'll send you a message so we can plat to meet sometime. Also there is a meetup that meets monthly on the first Monday of the month at Chapel and Main.


     Hi Patrick-
    I'm in the Sanford,ME area and would like to join that meetup. Where can I find date/time details?

    0Reply
  • Patrick McCannPro Member
    Realtor · NH · Member since 2022 · 113 posts · 59 votes
    2y
    Quote from @Elaine Madrid:
    Quote from @Patrick McCann:

    Hi Matt,

    I househack a duplex in Dover, NH. I've had it for a little over a year now. I watch this local market pretty closely and have networked with quite a few local people. I'll send you a message so we can plat to meet sometime. Also there is a meetup that meets monthly on the first Monday of the month at Chapel and Main.


     Hi Patrick-
    I'm in the Sanford,ME area and would like to join that meetup. Where can I find date/time details?


    Seacoast real estate investment group on Facebook. It’s actually the second Monday of each month. I’ll check to see if it’s posted on meetup.com as well and report back 

    [email protected]603-818-9095
    0Reply
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