Newbie from Manchester, NH

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Newbie from Manchester, NH

Joe Pearson
Manchester, NH · Member since 2019 · 45 posts · 12 votes

Hello!

I'm Joe Pearson, a full-time software engineer and a hopeful buy and hold landlord aiming for the Manchester/Nashua, New Hampshire (NH) area. My goal is to purchase a multi-family (probably duplex), or maybe a single family, in the Manchester or Nashua area by the end of 2019. Then, in Oct. 2020 I'm getting married! So, right now I'm working with a realtor and mortgage broker (aiming for FHA Loan) and planning a wedding.

I've been rapidly consuming podcasts, blogs and various other internet sources over the past few months and I've been hearing Brandon talk about introducing yourself here, so I thought I'd give it a go!

I think the thing I'm most terrified about is buying a multifamily and having my dog bark every few seconds at any noise because the houses in Manchester and Nashua were built in the early 1900s, so they probably won't have great sound proofing, but there are some older multi-families for rent that allow dogs, so I'm not sure.

Also, another fear is that we want to move out of Manchester/Nashua within the next few years and continue to rent out the multi-family. So, I'm just scared that I'm aiming high and will shoot myself in the eye, or worse my family. Oh, also we have ~150k student loans.... >.>

Anyone have a crystal ball?

-Joe

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Mary D.
Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
7y

Welcome Joe!

There are some multi families in this area that have 2 homes on one lot. Not many but its something to keep an eye on. Also If you buy right and have at least 10% ROI. You will have nothing to worry about. It sounds like your plan is to only live there for a couple of years at best. Keep that the focus and look ahead of where you want to end up at. Fear will guide your choices if you let it.

2 great books that have helped me, actually 3... You may have heard of couple of these :). I have read these multiple times to keep my focus... Rich Dad Poor Dad & Cash Flow Quadrant - Robert Kiyosaki. This one is new to me & am practicing this awesome ritual. Miarcle Morning - Hal Elron. Podcasts157 & 284 are great!

Hope this helps!

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  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    Lol... BP is a great community of helpful, knowledgeable people that are willing to help and has many resources. As an investor its a cheap, no not cheap, inexpensive membership. And you can also go to the NHREIA NEREIA Boston REIA North Shore REIA. These too are all great places to network, get advice, partner, resources... They too charge a fee for membership/attendance as they should. Its not free for them to set up, provide the room & excellent speakers. And not to mention the endless hours they spend providing these networking events.

    Since you are on the BP community and asking for advice and questions. Its natural to let you know how great it really is here and the FREE webinars, FREE contacts, business partners & friends you make. 

    Hope that helps!

    1Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    Helpful @Mary D. And as an aside, Mary, the reason I wrote "I wish I had two people saying how awesome it is" is 'cuz you're the one that has me 99% convinced to join!

    I'll sign up later today (I think)

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    @Parker Fairfield I didnt take your comment in a bad way :) At all!

    0Reply
  • Lucas Knowles
    Rental Property Investor · Merrimack, NH · Member since 2018 · 4 posts · 1 vote
    7y

    Hello Joe, I and my girlfriend are in similar circumstance to you (Freshly out of school, Engineer, new to the area and industry).  I am a year and a half or so into the learning process and am currently (finally) looking for our first property!  We have been attending NHREIA meetings for about 6 months, and I would be happy to connect with you over BP or any NHREIA meetings and exchange ideas, questions, or the small amount of information I have garnered thus far!  Best of luck down the road and I hope to see you around! @Joe Pearson 

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    @Parker Fairfield, Here's some of the websites I tend to navigate: biggerpockets, realtor, trulia, gis.vgsi.com/manchesternh, addons.nashuanh.gov, neren, crimemapping, nhdeeds, axisgis.com/DeeringNH/, reddit, youtube

    @Lucas Knowles, I really feel as though I should spend at least the same amount of time as you learning, which is one of the big things holding me back from buying anytime this year. I did attend the NHREIA meeting this week and it went quite well! Better than I expected, which was to be overwhelmed by people who were millions of dollars into real estate.

    -Joe

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  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    @Joe Pearson
    Awesome - I'll paste those into my lengthening "remember this.txt" file that I have

    By the way - I posted to my BP profile (at the bottom) a link on how to search (for free) Loopnet.com for commercial properties ... hope it's helpful.


    An app that my wife and I love is called Redfin - www.Redfin.com. It's got a reallty good UI IMO, but the best things that I like about it (so far) are:

    1. that if you "HEART" a property, and then that property is pulled off the market by the seller, Redfin does NOT delete the property from your HEART list... which means you can (I think) go to the seller directly and save the RE AGENT FEE!  
    2. that you can X out the property - so that it shows up differently on your list ... showing you that you've looked at it and you don't like it 
    3. the UI allows you to seemlessly go between cell phone and PC ... and even operate the same account on many phones & PCs at the same time (allowing me and my wife to do searches at the same time)
    4. there's a comment section on the PC - so you can type in original prices and thoughts that you want to transfer that knowledge to YOUR FUTURE SELF (if the listing is pulled form the market) or TO YOUR SPOUSE. I'm not sure if comments works on Android.
    0Reply
  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @Joe Pearson

    Welcome to Bigger Pockets.

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    @Chris Luksha

    Awesome

    I'll put the next one on my list

    Along with joining!

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    @Parker Fairfield, I'm only interested in residential properties at the moment, but, we'll see if that changes over time. OOOooo, that top reason peaks my interest, tho, would you want to save the RE AGENT FEE to just record it for your own records? I'd be more curious what it was sold for, then I could also compare that to the gis.vgsi.com/manchesternh site. Very useful other points, but, that sounds like it should be paid for, no?

    -Joe

    0Reply
  • Matt Herbert
    Rental Property Investor · Gilford, NH · Member since 2019 · 50 posts · 20 votes
    7y

    @Joe Pearson and @Lucas Knowles, welcome to BP. I'm also a software engineer going down the Real Estate path. I can say the first one is always the scariest. But IMO, it's totally worth overcoming the fears and anxiety. I'll be attending the next meetups in Manchester and Nashua (weather permitting), hopefully I'll see you there!

    @Parker Fairfield, another nice benefit of pro, is access to a host of legal documents specific to each state (including NH). 

    A great guide to help being an effective landlord is @Brandon Turner's "The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants With Fewer Headaches and Maximum Profit". You can get it here on BP for $19.99, or get the kindle edition on Amazon for $9.99.

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    @Matt Herbert, My biggest fear at the moment is whether or not I can afford to buy a house now. I just need to read Brandon's book on no or low money down investing. 

    Can we get those legal documents just from Googling? 

    I actually just bought that bundle last weekend =)

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