Hi I'm looking to get into buying and renting out properties in my local area. I was wondering if someone could possible help mentor me or show me the ropes on what to look for while trying to buy properties?
Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
7y
Hi @Daniel Marcoux! My colleague @Jessica Stevenson and I cover all of NH for investors looking into buying properties. If you need some guidance as to what areas you might want to consider investing in and helping you understand rental properties, we'd be happy to help :)
Investor · Dover, NH · Member since 2016 · 49 posts · 20 votes
7y
My husband and I have been house hacking the past few years in Dover, Somersworth, Rochester. We are relatively new so wouldn't be much of "mentors" but definitely happy to help answer any questions you have. There are lots of podcasts on it too on BP which I am sure you have probably already found.
Thank you Megan. I've been looking for a duplex that I could move into and rent out the other side. I found 1 but it's not on the best side of Rochester or the best street.
Welcome aboard @Daniel Marcoux. I'm just starting out in the process myself so I can't offer much in the way of advice. I'm in the Nashua area and haven't purchased my first property yet because of the high cost of entry. Personally I am looking into BRRRRing as much as possible increase velocity over time. I haven't gotten the financing piece worked out yet although I have great credit and have a pretty good paying job. That's why I am looking at longer distance to start.
Good luck in the journey. I look forward to hearing about your progress. It seems like your area would be primed for SFR if that's an option for you. It seems like MFH is a great way to go in NH also. I'm interested to hear about your house hack.
@Kevin Green thank you I wish you the best of luck as well. Yes my area does have a lot of SFH in the area I have been looking that them as well. Hopfully I can get a good deal on one eventually.
@Kevin Green thank you I wish you the best of luck as well. Yes my area does have a lot of SFH in the area I have been looking that them as well. Hopfully I can get a good deal on one eventually.
Thanks Daniel. I actually meant to type STR for short term rentals. Dover's a cool little town with easy access to the Seacoast and UNH. It seems like you would have a lot of potential traffic.
Contractor · Dover, NH · Member since 2019 · 28 posts · 11 votes
7y
@Daniel Marcoux I’m in Dover also! Nice to see some locals chiming in here!
I’m pretty much at the same point you’re at.
One thing that’s helped me be able to look at a handful of multi family properties is contacting a realtor and just getting on their email list for what kind of properties you’re looking for.
You may not see a ‘deal’ right away, but every time I get a property come across my ‘desk’ I do a quick analysis and see what it would take to make it work.
You may look into doing a combination of a house hack/ live in flip/ live in brrrr to really crank up the force multiplier on those combined strategies.
There’s definitely a few properties that need some serious work in the area that have been on the market for at or above 100 days.
Rental Property Investor · Dover, NH · Member since 2018 · 13 posts · 7 votes
7y
Hey @Daniel Marcoux I purchased a duplex in Dover last year and live in the bottom unit. I can't recommend the area enough. Lot's of building going on and much better prices then the Portsmouth area. Great area for young families and young professionals. @Megan Frank is a great resource and I would be happy to chat as well. You should attend the local Seacoast REI meetings at Chapel and Main Brewery on the second Monday of each month. Follow @Brendan Phelan for announcements. My wife is also a real estate agent in Dover if you don't already have one.