Skip to content
New Hampshire Real Estate Q&A Discussion Forum

User Stats

22
Posts
22
Votes
Justin Colletti
  • Keene, NH
22
Votes |
22
Posts

Moving to Keene, NH & Getting Started with Real Estate Investing

Justin Colletti
  • Keene, NH
Posted Mar 3 2017, 09:49

Hi all,

Long time lurker and student of BiggerPockets here, and I thought it was about time to say hello!

The wife and I are starting a family and are excited to be moving to Keene, New Hampshire this spring, where we are working on purchasing our first property.

We love the area and the people, and are very happy to find that investment properties pencil out much better in Keene than in similar areas where we had been looking in New York's Hudson Valley.

We're shopping for a primary residence now, and are set on purchasing 1-2 investment properties each year going forward, whether in town or in nearby markets, so I'm sure we'll run into many of you!

Ideally, we'll find a good home to purchase for a move-in on May 1 or June 1 this year. We've been following the local market for about a year now and have been finding some very good options so far. (We've primarily been looking at single fams on good blocks priced between $120k and $150k and multifams priced up to $200k-$250k—outside of the flood zones to start.)

We're especially keen on the idea of finding a good multifamily that would work as a 203k rehab (and that would be within reason for a couple of beginners to take on) and still have our fingers crossed for a great option on that front.

In the coming months, we'd be very interested in meeting good contractors, reliable wholesalers and older investors who might be interested in saying hello. We're always looking for opportunities to collaborate and meet great new people.

In the off chance we aren't able to find a great deal to purchase for May 1 or June 1, we're still set to move up to Keene anyway, into a shorter-term rental where we'll be even more able to jump on good opportunities as they arise.

Thanks for reading and looking forward to meeting you in town sometime soon!

-Justin and Maria
Soon-to-be residents of Keene, NH

User Stats

102
Posts
14
Votes
Chris Luksha
  • Contractor
  • Jaffrey, NH
14
Votes |
102
Posts
Chris Luksha
  • Contractor
  • Jaffrey, NH
Replied Mar 4 2017, 05:53

Welcome Justin and Maria.  let me know if you need someone to go take a look or two for you. I am located in Jaffrey but travel to Keene often enough.  I can grab you some pics etc. You are very correct that Keene is better placed for investment then the surrounding area.  Just over the mountain here in Jaffrey and surrounding area, the homes are their but the renters are not.  It is currently more affordable to buy then to rent in this area from what I have seen.  (Except for the many auctions etc.)

Let me know when you are in the area again I would love to grab a cup of coffee, tea, whatever the next time you are around (assuming you are in the Hudson Valley area that is ;) My job - Carpenter, GC. My Dream - multifamily investor. My Current Reality - Husband striving to leave a legacy for my wife and wonderful kids.

Blessings,

Chris

User Stats

22
Posts
22
Votes
Justin Colletti
  • Keene, NH
22
Votes |
22
Posts
Justin Colletti
  • Keene, NH
Replied Mar 5 2017, 15:28

Thanks for the warm welcome Chris! I'll definitely touch base as we get settled up there. Will be starting to do the father thing up there myself. New territory that I am very much looking forward to!

BiggerPockets logo
Meet Investor-Friendly Agents
|
BiggerPockets
Network with top investor-friendly agents who can help you find, analyze, and close your next deal.

User Stats

22
Posts
25
Votes
Jason Woodson
  • Investor
  • Keene, NH
25
Votes |
22
Posts
Jason Woodson
  • Investor
  • Keene, NH
Replied May 25 2017, 10:18

Hey Justin,

Just came across your post, I live in Keene and just bought my second multi-family.  Have you made it to the area?  Would love to meetup some time chat!

User Stats

9
Posts
1
Votes
Myles Ellison
Pro Member
  • Real Estate Broker
  • New York, NY
1
Votes |
9
Posts
Myles Ellison
Pro Member
  • Real Estate Broker
  • New York, NY
Replied Mar 27 2018, 09:27

Hey @Justin Colletti - Myles here, new to BP and interested to find out how your Keene, NH plans worked out! I own a single-family home in Brookline, VT about 40 mins away and grew up in Southern Vermont. We always went to Keene and my best friend's Mom is the Director of Admissions at Keene State College. My friend also is an investor in the area and has a couple single-family homes in Keene. Would love to see an update from you as I've been looking at multi family's online and it seems there are a lot of good deals. 

User Stats

22
Posts
22
Votes
Justin Colletti
  • Keene, NH
22
Votes |
22
Posts
Justin Colletti
  • Keene, NH
Replied Mar 27 2018, 10:10

Hi @Jason Woodson, yes! We are up here in a duplex in West Keene, actively looking for new multifam and commercial properties in the area. Couldn't have picked a nicer place to live! Please feel free to reach out directly anytime to say hi.

User Stats

22
Posts
22
Votes
Justin Colletti
  • Keene, NH
22
Votes |
22
Posts
Justin Colletti
  • Keene, NH
Replied Mar 27 2018, 10:15

Hi @Myles Ellison, yes we are absolutely loving it here in Keene. Great area. Prices in the northeast are a little high from an investor's perspective these days (as I'm sure you well know) but they are a lot closer to being rational here than where we came from in NY and NYC!

Some single family properties around here can actually pencil out around break-even sometimes, even in decent areas, which is very nice for a regular homeowner in market like today's. And every now and then, you can find a deal that makes sense as an investment, too.

I've seen some deals in multifams that pencil out OK, particularly in neighborhoods that could use a bit of little love. I'm evaluating some right now, actually! Ideally, we'll be able to add a property or two a year to our portfolio, but we are pretty picky about deals.

My best guess is that in future years, rents will continue to creep up in smaller cities like this one, eventually making investment real estate at current prices seem more reasonable. So as long as you have a plan for rising utility costs, and have enough of a cushion in your cashflow assumptions to ride out bumps along the way, that could make low-but-positive returns today look like better-than-expected returns tomorrow.

But that's all just rank speculation on my part! The opposite could always happen, so we like to make sure that there's a good margin of safety in any potential deal. One problem to be aware of is declining admissions at Keene State, which is one big driver of the rental market in the southern downtown Keene area. Fortunately, there are other factors driving the economy here, and a very rich community of small and independent businesses—especially compared to a lot of the rest of the country.

There are investment risks, as there are anywhere, but a lot of wonderful potential as well if you're smart about it. It's also just a darn great place to live! Just as long as you aren't planning to come in and vote to raise our taxes, New Hampshirites are a very welcoming bunch, I've found! :) Feel free to reach out anytime and say hello.

Account Closed
  • North Conway, NH
11
Votes |
25
Posts
Account Closed
  • North Conway, NH
Replied May 6 2018, 21:35

Great to hear you are relocating to Keene. I just took a training class last month from a mortgage company that is all cards in on rehab loans for just what you want to do and the program is better then FHA 203K and converts to an end loan up rehab completion.

User Stats

169
Posts
40
Votes
Dieggo Goncalves
  • New to Real Estate
  • Marietta, GA
40
Votes |
169
Posts
Dieggo Goncalves
  • New to Real Estate
  • Marietta, GA
Replied Mar 12 2019, 18:00
Hey Justin.
Hope all is well with you.
I just searched Keene and came across your post.
Are you still in the area? I have been living in Marlborough for the past couple of years.
Do you feel the rental market in keene is still good?
Thanks in advance.
Best regards,

Dieggo Goncalves

Originally posted by @Justin Colletti:

Hi @Myles Ellison, yes we are absolutely loving it here in Keene. Great area. Prices in the northeast are a little high from an investor's perspective these days (as I'm sure you well know) but they are a lot closer to being rational here than where we came from in NY and NYC!

Some single family properties around here can actually pencil out around break-even sometimes, even in decent areas, which is very nice for a regular homeowner in market like today's. And every now and then, you can find a deal that makes sense as an investment, too.

I've seen some deals in multifams that pencil out OK, particularly in neighborhoods that could use a bit of little love. I'm evaluating some right now, actually! Ideally, we'll be able to add a property or two a year to our portfolio, but we are pretty picky about deals.

My best guess is that in future years, rents will continue to creep up in smaller cities like this one, eventually making investment real estate at current prices seem more reasonable. So as long as you have a plan for rising utility costs, and have enough of a cushion in your cashflow assumptions to ride out bumps along the way, that could make low-but-positive returns today look like better-than-expected returns tomorrow.

But that's all just rank speculation on my part! The opposite could always happen, so we like to make sure that there's a good margin of safety in any potential deal. One problem to be aware of is declining admissions at Keene State, which is one big driver of the rental market in the southern downtown Keene area. Fortunately, there are other factors driving the economy here, and a very rich community of small and independent businesses—especially compared to a lot of the rest of the country.

There are investment risks, as there are anywhere, but a lot of wonderful potential as well if you're smart about it. It's also just a darn great place to live! Just as long as you aren't planning to come in and vote to raise our taxes, New Hampshirites are a very welcoming bunch, I've found! :) Feel free to reach out anytime and say hello.

User Stats

2
Posts
1
Votes
Replied Jan 17 2023, 08:16

Hi @Justin Colletti! I’m wondering if you ever did a 203k as you mentioned in this old post? I’m looking for experienced contacts in the Keene area…. Thanks so much!