All Forum Posts by: Nicholas Chagnon

I am looking for my next real estate investment in the seacoast area of southern Maine. I really like the idea of buying a home and adding value and cashflow by converting an area into an ADU but every town I look at seems to have the rule that the owner must occupy either the ADU or primary home.

Are there any towns in this area that you know don't have this rule?

Is this a general Maine state rule? I have seen some towns in New Hampshire that don't have this rule and some that do.

I recently noticed that my small business employer's 401k plan has very high account management fees that come out of everyone's account regardless, and in addition to, fees from the particular investment fund. It is an additional 2% per year. This seems outrageously high because I can invest in the same fund through an Individual Vanguard account which only charges the fund fee of 0.11% per year and not an additional 2% fee. 

1. Do you know of an investment company that offers 401k plans for small businesses without this high of a management fee? 

2. Do you think that I should stop my contributions to my employer 401k after meeting the highest employer match and instead invest in my Roth IRA (max out), Real Estate and Individual Vanguard Accounts? Its hard to imagine that 2% fees is worth any tax advantage of the employer 401k plan.

Any other advice is welcome.

@Matt Anderson and @Account Closed, I live and work in the Dover area. I have put in 15 offers in the area including Dover, Exeter, Portsmouth, Newmarket and Somersworth. I think all of these areas have good appreciate potential (even Somersworth). That said I am not that experienced.

One thing about Dover and ADUs is you have to live in the home or the ADU or else you cant rent them separately. However, in Durham they don't have that rule.

@James S., Good detective work. That is the one (Pendexter). I have discussed with the town and they said in email that I am "likely to get accepted" for the airbnb but I am not counting on it for sure. As for renting, 2 UNH students in the ADU and a family in the 3 bedroom qualify for the 3-unrelated-people rule. I have been concerned about this rule but think its more limiting for larger properties.

Any thoughts on how hard it would be to get a family to rent the 3-bedroom for 2200?

Thanks for everyone's help! I would love to connect with anyone from the area in person.

I am under contract on my first investment property (owner occupied single family with ADU rental). I am planning to save for a year and try to buy another property.

Do you all only invest in real estate (stick to what works for you) or do you prefer to invest/diversify in stocks? 

I am thinking of doing 25/25/25/25 split for real estate equity, individual stocks, employer retirement account, and cash. What do you do?

Thanks @Sean Delisle, no kids just my gf and I. That's why we are considering the 1bedroom. 

Yes I think when family and friends of UNH students visit UNH. It is also centrally located for mountains, beaches, Portsmouth and Dover so I suspect I would get other people interested as well but I don't know.

If any local people know the AirBnB market that would be helpful :).

Hey BP community. I am 26 and about to close on my first investment property. It is a 3bd 1ba single family with a 1bd 1ba ADU (seperate kitchen,bath, living room, and bedroom) in seacoast area of NH.

I think I can get 1200 for the 1 bedroom and 2200 for the 3 bedroom. Do you agree, should I ask for more? The home is on a private road, 5 min from UNH, very good curb appeal, nice yard and has nice contractor grade quality appliances, windows, and flooring. I think people would call this B-property?

I plan to owner occupy the home for at least a year and would like to move to another investment property when I can save enough. I have and engineering job that is fueling my savings, owner occupying this investment should help my savings rate. Would you live in the 1bd or 3 bd? Rent or AirBnb the other?