Danvers, MA · Member since 2016 · 9 posts · 4 votes
I've been listening to the podcast lately and decided to join the community! I am currently interested in vacation rental property and multi family property in New Hampshire, and even property in Massachusetts. I look forward to learning a lot from the community.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Link up to @Mike Hurney and @Justin Silverio who have meetings in your area.
Real Estate Agent · Worcester, MA · Member since 2015 · 53 posts · 23 votes
10y
Hey Brian!
Welcome to BP! Great place to be ! Check out the forums and search any topics you are interested in. There is a ton of info on here! Lots of great info from Brandon and co. in the webinar replays as well.
Investor · Rochester, MA · Member since 2015 · 33 posts · 10 votes
10y
I have also thought about vacation rentals. Mostly because I have a close friend who has a log home in Maine. He advertises it on one site, Home Away, and always books it for the entire summer. Although last year he has someone leave part way through their stay because of the escape convict that was in Maine. So he lost a couple of weeks rent. He does very good with it. Personally, I believe in order to do it, it needs to be waterfront. Lake, ocean or large pond. Something on Lake Winnipesaukee would be great, if the prices were not so high. But there are many other lakes, I guess. Or oceanfront in Maine such as Bar Harbor would do well, I believe. Key for me would be not having to drive too far. Also, it's a huge advantage if you have someone in the area who can keep an eye on things. By far, the easiest years for my friend was when he had a friend who lived in the town the rental was in. He had someone he could trust to manage the place. It's a bit more difficult for him now, but he still does O.K. He had to find another person in the area to manage it, and although he is pretty good, he is not was good as his friend was. (His friend who had been managing it passed away). He still rents it without problems, it is just a bit more difficult to get needed work done, supervised, etc. I have been thinking about rentals in Newport RI also. That same friend of mine, lives in Newport RI. His neighbor rents out her home for $12k - $14k per month in the summer. It is a great area, close to everything. Close to the Easton's Beach, the Cliff Walk, restaurants, Bellevue Ave, etc.
Key, I believe, for vacation rentals, is to only buy in a great area. Need to have things to do, attractions, etc. I would not even buy in a so-so area. Needs to be a great area. For me, in NH or ME, that means on the water in a good vacation spot.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Link up to @Mike Hurney and @Justin Silverio who have meetings in your area.
Investor · Bangor, ME · Member since 2016 · 26 posts · 7 votes
10y
I started to look at vacation rentals but it didn't seem like the return is there. I think it is because many people buy waterfront for personal use and not based on an investment with a calculated return. This drives the price up past what I could justify paying for a rental even considering the higher rents during peak time.
Danvers, MA · Member since 2016 · 9 posts · 4 votes
10y
@Rob Poulin I agree! You bring up some really important points. The region is key, and I like the idea of a place close to a down town. Not necessarily a bustling hub, but a place with a few restaurants, a few stores, etc. I think those conveniences are helpful, especially for a place with water access but not waterfront.
@Parker Dresser that's a great point about people buying waterfront for personal usage. That makes it even more difficult to find the right type of buy.
Investor · Rochester, MA · Member since 2015 · 33 posts · 10 votes
10y
The thing I like about Newport R.I. (near the cliff walk, mansions, etc.) is summer rentals (June/July/Aug) are high $$, then the remainder of the year can be rented to Salve Regina Univ. students or visiting faculty, etc.
My friend who has a place in Maine bought when prices were lower (by about 25%). He rents for a week min. stay, and gets some who take 2 - 3 weeks at a time. He has a large place. Probably sleeps about (15) people, so he gets some large groups. Not insulated so he rents for about (12) weeks. Extends it sometimes by using electric heaters in the bedrooms. For instance, he will rent it during the Maine Fly-in (annual Sea Plane event). He is near Greenville/Moosehead Lake). I believe he gets about $1500 for a week. It is a log home and he keeps it kind of rustic (but comfortable). It seems to be what people going up there are looking for. It looks and feels like old "Maine Vacationland". He has many nostalgic items throughout. He provides info on local hikes including parts of the Appalachian Trail which is very close. It is on the water, which I think is key, because it provides activities. He keeps kayaks there for people to use. He has lost a kayak or two, but he uses inexpensive ones. He leaves some fishing gear there also (not expensive stuff). Inflatables, etc. His renters bring their own food, towels, etc. He has a local cleaner who comes in between the rents. He has a local handyman who looks in on it and does repairs if/when needed. He does not rent in the winter or colder months. If he did, he could certainly get some hunters and snowmobile enthusiasts. We have family way way up in Chesuncook village who have an Inn, cabins, sporting camp, camping sites, restaurant, and sporting company, and they actually do better in the winter than in the summer. They do very good with hunters and snowmobile enthusiasts.
I believe to do best, it needs to fit the area. People going up to Maine want to "fell" like they are in Maine. We have stayed at my friends place for many years, and we never felt the need to watch TV. Well O.K. .... we did use a radio to listen to the Red Sox games .... Can't go without everything!
Auburn, ME · Member since 2016 · 5 posts · 4 votes
10y
If your friend in Maine ever wants some advice on how to insulate his space so he can start renting it in the winter time, just let me know. That's my specialty!
Cape Elizabeth, ME · Member since 2016 · 18 posts · 7 votes
10y
I have a seasonal rental in a beach community in Southern Maine. We rent it for $1250/week and also use it ourselves for two or three weeks. My wife manages it. We make a reasonable profit but mostly because we bought it at the bottom of the market. If we had paid what our neighbors pay, no way would it cash flow.
It's a summer complex so it shuts down for the winter.
I love vacation rentals, but this one does teach me that having a short season is a limitation. If I buy another, it will be in the South somewhere, with year round possibilities.
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
10y
Hi Brian, 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 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. As mentioned @Mike Hurney runs a couple of meeting up your way, one of which I believe is in Danvers. If you are looking at NH then you can make the pilgrimage to the NHREIA in Manchester and I also enjoy the NH Real Estate Mastermind group in Nashua. There are plenty of other groups around Boston and south as well.
Realtor · Beverly, MA · Member since 2015 · 108 posts · 19 votes
10y
Hey Brian. I live and work next door in Beverly. Good luck getting the vacation property. I have a similar goal, but not for many years. I know a great agent that services the lakes region of NH if you find yourself in need. Good luck!
Danvers, MA · Member since 2016 · 9 posts · 4 votes
10y
@Shaun Reilly thanks for the info! Been looking a little in Nashua so may be worth a trip to a meeting to check it out. Thanks again.
@Mike Hurney I haven't looked at AirBnB at all, no. I am still just scoping out vaca locations where property is available. Mainly eyeing lakes region and white mountains area in NH. A friend and I are also starting to scope out multi-family properties in Nashua to see what's out there.