New Hampshire Investor - New to REI

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New Hampshire Investor - New to REI

Jim Ehlinger
Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes

I found Bigger Pockets a few months ago after deciding I wanted to take control of my future and realizing that I had still had the real estate bug.  I have had the bug for a long time but never really took any action... until now.  20 years ago I took an entrepreneurial class in college and our primary project was putting together a full business plan for the final grade I did mine as for a buy and hold real estate company.  So even then, I knew what I wanted to do.  

Flash forward 20 years, and here I sit, ready to finally take control of my future. I have become addicted to the Bigger Pockets site. I am listening to all the current podcasts, and trying to get caught up on all the past ones... (catching up on over 160 takes a lot of time... lol ).  I have read a lot of posts, the blogs, and gone into some of the forums. I have followed the links to a lot of my keyword alerts in looking at the questions, the responses, and then all the referral links to other articles and and while I became  

But alas, I have but merely scratched the surface of what this site offers.  I upgraded to Pro a few months ago so I could use the extra tools and those have been great so far.  I am glad I spent the money to upgrade as it is definitely worth while.  

My first actual foray into buying strictly rental properties (bought 3 homes already) starts this weekend where I will be going to look at 5 different properties...maybe one of them will be the first.... 

Thanks for reading and I look forward to continuing to learn the site and grow my knowledge of the REI world.

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  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    10y

    Hi Jim, welcome to BP.

    This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.

    This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in NH and MA on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.

    Besides doing that on here make sure to get out to some of the many local investor events we have.  You would definitely want to check out the NH RE Mastermind group in Nashua.  I'd also recommend the NEREIA in Chelmsford.  If you are mostly looking at NH stuff you should definitely go up to the NHREIA in Manchester.  Lots of other stuff in MA on the North Shore and down around the city, many of which still draw well from NH too, then even more South of it too, so lots of options for you.

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Jim Ehlinger, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
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  • Derreck WellsPro Member
    Specialist · Pelham, NH · Member since 2013 · 547 posts · 269 votes
    10y

    Hi Jim, I'm also in Pelham. Nice to see another local on here!

    Welcome to the forum. Save my contact info and if you find property you're interested in in MA, PM me the address and I'll check the lead paint status for you in the state database. I can let you know if it's ever been inspected and what to look out for.

    MA real estate laws say that you can't rent to a family with kids under 7 unless you have a lead certificate on file with the state and the anti-discrimination laws say you can't not rent to a family because they have a kid under 7 (even if it's because you know there's lead paint), so they basically made it so that any rental with more then 1 bedroom has to be deleaded. However, they also have loan programs and grants for deleading. There's actually a loan program with 0% interest that you don't have to pay until you sell the property, so basically, it won't cost you anything to delead, it comes out of the profit when you sell, so you just roll it into the sale price.

    You can email me directly at the email in my signature or you can PM me on here.

    Talk to you soon!

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  • Matt Lefebvre
    Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
    10y

    Welcome to BiggerPockets @Jim Ehlinger!  Congratulations on getting started on moving into the world of real estate investing and looking at properties!!  What sort of properties are you looking to buy?

    0Reply
  • Bradley Tetu
    Investor · Walpole, NH · Member since 2015 · 42 posts · 5 votes
    10y

    Welcome @Jim Ehlinger  good to see our NH BP community is growing!

    0Reply
  • Jim Ehlinger
    OP
    Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes
    10y

    Thanks everyone for your replies...  I am definitely looking forward to getting more involved.  

    Ok... I have a question for Derreck, I am aware of the lead paint law for Mass as I was told about it by Enterprise Bank when I was talking with them about the lead paint, but do you know if that is a requirement for NH? Do you see any information about financing requirements for lead paint in NH versus MA?

    Matt, I am initially looking at 2, 3, and 4 units as they seem to cash flow in NH much better, Duplexes are tough to cash flow unless you can find a great deal, so right now, I think I am focusing on my first to be a tri or 4-plex.  I am looking at a few places up in the lakes region this weekend hopefully if my realtor can get the showings set up.

    How do you link a person's profile into a post to respond to??, I see it all over, but can't find out how?

    Thanks

    0Reply
  • Shaun Reilly
    Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    10y

    @Jim Ehlinger to tag someone you use the "@" and start typing the name (same way you would in Facebook or a twitter handle), after 3 letters you'll get a drop down.  You can tag anyone in the current conversation.  If you want to tag someone that isn't in the thread yet you need to be colleagues (Which is one reason to connect with people you think you will want to interact with on the forums).

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  • Jim Ehlinger
    OP
    Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes
    10y

    Thank you @Shaun Reilly.... I don't use Twitter and while I am on Facebook, I am not real active on it.  Thanks for the tip.  Especially in that I can only do it if it is in the thread or colleague part.  Nice to know... another new thing to learn today.   

    0Reply
  • Jim Ehlinger
    OP
    Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes
    10y

    I have a question for you @Derreck Wells, 

    I am aware of the lead paint law for Mass as I was told about it by Enterprise Bank when I was talking with them about the lead paint, but do you know if that is a requirement for NH? Do you see any information about financing requirements for lead paint in NH versus MA?

    0Reply
  • Axel Ragnarsson
    Investor · Boston, MA · Member since 2016 · 245 posts · 436 votes
    10y

    Hey @Jim Ehlinger, welcome to BP. I own/rent out a triplex in Chester, NH and am familiar with the area. If I can help you out in any way, let me know.

    0Reply
  • Derreck WellsPro Member
    Specialist · Pelham, NH · Member since 2013 · 547 posts · 269 votes
    10y

    Jim, 

    While i haven't studied the NH lead laws, I have read them and it looks like there is a law in place saying the same thing as MA. It may be spelled out more simply in the RE statutes, but in the lead laws it says that if the state believes there's a "lead exposure hazard" for a child they can open an investigation that includes "issuing orders requiring the reduction of lead exposure hazards". Here's the legal wording (I added the bold to show the relevant parts)...

    The full laws can be read here... NH Lead Laws

    There is also a similar loan program to MA where the property owner will only have to pay 10% of the deleading cost. They base it on income, but it's based on the tenants income, not necessarily yours. You can learn about it here... Lead Hazard Control Program

    Let me know if I can be any more help.

    0Reply
  • Matt Lefebvre
    Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
    10y

    Hey @Jim Ehlinger, the Lakes Region seems like a pretty far drive from Pelham.  Just curious why you're not looking at multifamily properties closer?  Maybe in the Nashua or Manchester markets?  

    0Reply
  • Jim Ehlinger
    OP
    Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes
    10y

    HI @Matt Lefebvre,

    I have looked and analyzed almost every property in Nashua, Manchester, Salem, and anything I can find in southern NH and while a lot will cash flow, many are priced too high to create a strong cash flow. Many are barely meeting the 1% rule, never mind a 2% rule when you factor in all of the taxes, utility expenses, maintenance, and cap expenses, etc.  

    The prices (overall all and $ per square foot) in Laconia are a little lower, a few of them are cash flowing better in my analysis.  Also, I own a boat on Lake Winni, and if I find a triplex or quad, I am thinking that if I can cash flow with one of the units empty, then I can use that unit as a weekend place to be able to go up and spend the weekend where I don't have to drive 1 1/2 hours each way to enjoy the lake.  

    I am  not against Manchester or Nashua at all, so if the right one came up, and the numbers were right for what I need, then I would consider it.

     Thanks... It helps to get these kinds of questions so I can think about things.

    0Reply
  • Matt Lefebvre
    Real Estate Broker · Manchester, NH · Member since 2014 · 630 posts · 420 votes
    10y

    @Jim Ehlinger I've found that its nearly impossible to meet the 2% rule here.  However, I don't think you necessarily need to do so with some of the opportunities available.  If you're thinking about the Lakes Region, maybe you should consider vacation rentals instead?  They have a much higher return, but of course have more wear-and-tear associated with owning them.  It could be a good opportunity though if you like the area and might prefer to be up there more often.  

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  • Jim Ehlinger
    OP
    Investor · Pelham, NH · Member since 2015 · 26 posts · 12 votes
    10y

    Thanks @Matt Lefebvre I have realized that the 2% rule is a mirage in NH, unless you can really find a good deal as a foreclosure/ pre-foreclosure and or a major rehab and you are really looking for putting a lot of rehab into something and then holding it as a rental, you might make it 2% if every star aligns... lol.   So it is mostly trying to find something that will make the numbers right and will cash flow.

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