NH Newbie Looking To BRRRR

19 Replies

Good Afternoon,

My name is Patrick, I live with my family in southern NH. We have run a successful bathroom remodeling business for the last 10 years.

I have read and listened to a ton of books about investing and know that this is what I have always wanted to do.

Taking that first leap of faith is where I’m at right now. I have always been able to get my hands dirty and do whatever it takes to power through a project.

Do you guys think I’d be best suited to find a mentor or partner for my first couple deals? Or should I just go for it on my own?

Thank you in advance for any advice!

You definitely have skills that another interested investor could find appealing and therefore partnering up is a possibility to look into.  

That said, ultimately you CAN do this on your own.  

If you'd rather play it a bit safer and work with another Investor/Mentor for a while, that is an excellent way to learn however, finding the right mentor?  I'm not experienced enough to know how to accomplish that and would tread carefully.  Find the investors whose work you admire in your area and sharpen your skills on calculating deals. Make sure to approach a potential mentor or partner with the value you bring to the relationship.

@Patrick Foley

If you’re already running a successful business, why not one more?

Add people to the team as needed.

You probably already have an attorney and an accountant.

You’re the contractor on the team, or so it seems.

Your wife is more then likely the ‘voice of reason’ consultant.

Start running the numbers on stuff that’s for sale!

In a few weeks or months you’ll begin making offers and then you’re off and going!

Portfolio and team building will happen as you have more activity!

A mentor isn’t a ‘bad’ idea in general, but in my opinion it is like going to colleges without a career path-you’ll only be learning exclusively what the mentor teaches.

Just make the deals happen dude.

You definitely have a competitive advantage with the bathroom remodeling business. Kitchen, floors, and bathrooms those are the key areas to focus on to improve a property’s value. Keep it simple for your first few deals and you’ll do fine. Mentors are great but a good team is essential. Focus on that first and if you find a mentor in meantime that’s great! 

Are you thinking of starting with SF or Multi-family? What’s your Long term goal? 

Where is southern NH are you? My wife and I live like a mile south of Nashua.

Jonathan,

We live in Hollis.  On my own I think an SF for my first one would be my best option. Long term I’m looking mostly to build a brrrr portfolio.  

I feel comfortable helping drive Reno costs down with sweat equity for the couple of years or where I can wipe out a large purchase in a couple days.  That said  the reason I’m ready to transition is because I’ve seen too many contractors lose it all when there body gives out. 

I have a couple of other internal debates whether to pick up a re license and such.  It would be great to have an outside perspective on my business plan, is there a day I can take you to lunch and talk further about it?

Patrick

@Patrick Foley sounds like you have a great foundation of skills and knowledge already, and wherever you might lack I would venture to guess you have trusted contacts that you can call on to fill in the gaps.  Hollis and the surrounding area is a great place to get started, if that's where you're trying to stay.  Are you thinking SF as a live-in rehab or for a flip?  

The long term plan is to brrrr, depending on how the first couple go I may want to just fix and flip to build a little more capital.  I know I will be strong on the rehab side but am leaning toward working with someone else with more experience on the purchase, and rental/sale design aspects.  I am also on the fence about getting a License of working with an agent with more experience. If any good deals come across your desk or you have further advice I appreciate it.  

@Jessica Stevenson The long term plan is to brrrr, depending on how the first couple go I may want to just fix and flip to build a little more capital. I know I will be strong on the rehab side but am leaning toward working with someone else with more experience on the purchase, and rental/sale design aspects. I am also on the fence about getting a License of working with an agent with more experience. If any good deals come across your desk or you have further advice I appreciate it. 

Hey Patrick,

Welcome to Bigger Pockets! Great resource when you're getting started for sure! I live in Hollis as does my partner. Happy to have a coffee or beer, if you prefer, and chat. We just started our journey this year with our first purchase in Manchester (6 unit) and under contract on our second (4 unit). We're long-term Brrr and hold strategy driven. Not experienced by any stretch, but happy to talk through our challenges and experiences. 

You should also consider going to the Nashua REI meeting. It's the 17th this month at Fody's tavern in Nashua, 7pm-9pm (downstairs room). I've only made a couple but my partner goes every month. We met our agent there as well as some other great contacts. Great place to go and connect for sure! 

Cheers!
Rick

Originally posted by @Patrick Foley :

Good Afternoon,

My name is Patrick, I live with my family in southern NH. We have run a successful bathroom remodeling business for the last 10 years.

I have read and listened to a ton of books about investing and know that this is what I have always wanted to do.

Taking that first leap of faith is where I’m at right now. I have always been able to get my hands dirty and do whatever it takes to power through a project.

Do you guys think I’d be best suited to find a mentor or partner for my first couple deals? Or should I just go for it on my own?

Thank you in advance for any advice!

Sounds good! My partner is on vaca this week so let me chat with him about a day possibly next week? 

Originally posted by @Patrick Foley :

@Richard Lovering that would be great. I would be happy to meetup. I can do most afternoons or an evening late in the week. Just let me know time and place and I’ll make it work.

Patrick

@Patrick Foley  Welcome (from another Hollis resident).  I didn't realize there were so many Hollis residents here on BP.  I've been here 2 years.  Great community.   I kept my house in Nashua when I moved here and turned it into a rental property.  It's been going so good that I'd like to pick up some more rentals.  

@Richard Lovering mentioned the meetup at Fody's on the 17th.  I attended  last month's.   There's a lot of very knowledgeable people and its a great networking event.  I highly recommend it.  I'm going to try to make this next one.  

If you,  @Matthew Stanizzi , and Richard are getting together for a beer,  I'd love the opportunity to join you all.  Just let me know when and where. 

Thanks, 

Lou

@Patrick Foley

Wish I could hit the course today. Stuck at work. I won’t be at the meeting for tomorrow but Matt may be. Enjoy and we will get together soon. I may have some time Thursday evening?