Looking into Berlin NH
Does anyone have any info on the rental market in Berlin NH? There are a lot of properties for sale there and I am wondering if it is worth looking into. I was thinking of calling the chamber of commerce to see if they can give me an idea.
Thanks
Denise Hoitt
@Denise Hoitt thanks for sharing and I am happy things are working out for you. My biggest challenge would be management, I can't be there even tho I'd love to take care of my own properties but it is what it is. Give me your honest two cents for this property as you probably even seen in hundred times and may even know the owner ?
https://www.remax-ner-berlin-nh.com/listing/4700747/270-264-pleasant-berlin-nh-03570/
I already called up few people around looks like there aren't many management companies out there most of these properties are managed by the owners. There is one big REMAX in town that even with 3 star review wonder if you know anyone who used them to manage their properties and experience. This one might need some good work seems from outside but still making cash flow with couple vacancies, without proper management though it could turn into a drama place pretty soon and won't take anything to fall apart from there. Thats my biggest concern even more than Berlin itself.
Hello Imran,
We looked into that property as well. We only looked around it not in it. The outside of the building looked to be in decent, cared for shape. You may want to hire a home inspector to look at it for you. I highly recommend Rich from HIP in Jefferson. hiphomeinspectionservice.com He is very detailed and works for you. Matter of fact, I happen to know he made a few realtors angry because after he inspected a few buildings the buyers backed out! He will be able to give you a more detailed report on the condition of the building. We could not swing the financing for a commercial property. If we could have, Rich would of been our next step.
You are right in your interests. However, I do not know much more than you. There is a 2 bedroom unit over the commercial store front and the rest are all 1 bedrooms in the building next to it with a washer and dryer in the basement. (if you can add a few more coin-ops it would be a good cash generator. The local laundry mat just closed.) The property also has off street parking. That is a plus in the winter. I do know that a quality 1 bedroom apartment is in big demand. It is also practically down town and on a main through way for Berlin. If you offer the right rent for the commercial space you may get lucky in renting it. Unfortunately, that is one of the big things with Berlin... business's staying here.
I hope this helps. Let me know if you have anymore questions.
thanks for the inspection recommendation. How about the management do you know REMAX or other similar companies who does a great job?
I have used Remax. As long as you stay an involved owner, they will be good for you. They are good at their screening and know most every tenant in town. They also have a maintenance team.
@Stephen Gorman thanks for chiming in! do you own any in Berlin or anything in Coos county managed by them currently ? Then much do they charge and usually keep their commitments and stuff ? By "involved owner" meaning I have to ask / remind them every silly thing ? I see some of these great deals in Coos county where they manage in every town but dont comfortable yet as for remote owners like me a solid PM it won't just happen ..they could make or break and turn a property around sometimes even with negativity of the place itself
Great thread, im also looking into Berlin. Only been once on an atv trip with friends, but i think it has potential to be much more. Just needs a few more things to draw people in, maybe not permanently, but at least for airbnb rentals.
airbnb's in Berlin are big right now.
What am I missing about this place in berlin? Supposedly brings in 52k a year, but is only 189k. Dont know why anyone would give up on something like that, seems too good to be true but i know berlin is cheap like this in general.
https://www.zillow.com/homedetails/412-Goebel-St-Berlin-NH-03570/2105383005_zpid/
@Bob Cobb not sure if you heard them saying if its too good to be true..then probably it is
Hi Denise, how are things up in Berlin? I am from Boston but spent the night there last night and thought it was a nice area but not very lively. I am interested in buying a rental property there just doing some research still.
As you can see by the age of this thread this has been a hotbed for discussion for some time. Even recently at the NHREIA meeting there was people asking about Berlin. It helps if you have a buyer ready to buy in the area. One of my colleagues here in the north country had a buyer who wanted to move near berlin for his work. That made it possible to make a great deal in Berlin and make a profit.
@Denise Hoitt I am a NH resident looking at a multi in Berlin.... do you know someone I could talk to about whether or not this is a good investment? I have a few questions, but I’m not as familiar with that part of the state. Thanks!!
@Jennifer Lynne like any where else we have to look into the numbers and what is your exit strategy. Berlin still has some...and I do mean some rental market. Also there is the occasional person looking to buy in the area but, the market is flooded with available properties so you need a very good deal if you are hoping to flip it, and even then you might hold it for some time.
Sorry double post, not sure how it happened could an admin remove this.
@Shane Cloutier thank you! I think the asking price is a bit high, and there is some exterior work left to do (owner started but not yet done). My intention would be STR/AirBnb, which the owner has been doing with one of the units. It's a great location for that. Exit strategy would be to hold for the time being...no rush to flip.
Denise,
can you tell us how Berlin is doing now? I, like many others on this thread, find the low home prices intriguing. However, having never been there and without understanding how the potential recovery of the town is going it would be hard to stomach that amount of risk. I found on the Berlin town website that they seem to be offering pretty attractive business incentives and are working hard at turning over derelict properties to rehabbers or knocking them down. Based on the towns plan are you seeing growth in the town? Are businesses staying put? I imagine the coming recession will put the town's plan to the test, but if there is growth, have you heard anything that would make you think it is sustainable?
thank you
Dylan
@Brett C. I know your post is from a while back but wondering what metrics or resources you used to gauge the long term RE value movement in a particular market? Is it relative to national or area averages or just a nominal change over that period?