All Forum Posts by: Greg Powers

By NH law, a security deposit remains the property of the tenant and cannot be mingled with the assets of the landlord, so yes, you would need a separate interest-bearing account for security deposit.  If you have multiple security deposits you've collected at different times, you can mingled them all in a single account, but you want to keep careful track when each was collected because if you hold a deposit for more than one year you have to "pay interest to the tenant at a rate equal to the interest rate paid on a regular savings account commencing from the date the landlord received the security deposit."  This applies to ANY security deposit, so yes, it applies to medium-term rentals, but if you're not holding those medium-term deposits for a year you don't have to worry about paying interest.  All of this is specified in the NH Revised Statutes: https://law.justia.com/codes/new-hampshire/title-lv/chapter-...

Here are a couple you can reach out to:

Sean Currran

30 Amherst St Suite 6

Manchester, NH 03101

603-261-5505

Andrew Sullivan

24 Eastman Ave

Bedford, NH 03110

603-644-5291

I’ve never heard of a 2500-gallon septic tank except for a commercial property.  Have you seen the actual septic design, or are you relying on the seller’s disclosure?

Also, in Manchester (currently) if you add a third unit you will be required to add a sprinkler system for fire suppression, which is enormously expensive.  I say “currently” because there is a bill passing through the legislature even as we speak to remove that requirement for 3-4 unit properties, so patience might be rewarded.

And just make sure the zoning allows 3-families before you make a decision based on that potential.  People will tell you that you can do all sorts of things with a property, but they may or may not be correct.

Talk to Mike Simoneau in Manchester, Members First Credit Union.  He has 24 years experience in commercial lending and is a great guy.   I can DM you his contact info.

@Brandon Thurman

What if you asked the two ladies to move in with each other with no rent increase? They could continue paying $280 and you’d bring that unit close to market rent and free up the other. I’m sure they’re both set in their ways and it may not be an appealing idea at first, but it may be no worse than a shared room in an assisted living facility, and they would immediately get a live-in support network. Who knows—they might become best friends. And if they didn’t, that becomes their problem, not yours, and they can take their time looking for alternative living arrangements rather than getting booted out.

There are quite a few local lenders who provide conventional financing for mobile homes, but I believe most are owner-occupied-only.  However, there is a company that will finance pretty much any mobile home, regardless of age, on land or in parks, including investment deals, as long as they're move-in ready (no rehab loans):

21st Mortgage Corp.

620 Market Street

Knoxville, TN 37902

1-800-955-0021

https://www.21stmortgage.com/web/21stsite.nsf/index.html

@Chris Loh, if you pay all of them by the hour, sure—work with as many as you want. But agents only get paid when you close on a property, so your model means you’ll end up working with zero agents. Generally speaking, the best agents only work with people who commit to working with them through some kind of Buyer Agency agreement, so that they are guaranteed to be paid for all the time and energy they’ve invested with you IF they are successful in helping you close on a deal. I work with some investors who don’t want to hire me, but I know they are ready, willing, and able to close on a deal because they’ve got a track record of doing so.

I would find one great agent and stick with them, as long as they prove themselves worthwhile. If they don’t, fire them and find the next one. But don’t try dating a bunch of them at once.

@Lesley Martin, do a Google search for the phrase “disparate impact discrimination.” A similar question was raised a few years ago about using criminal history to screen tenants. That may be what the PM is referring to.

@Jim K.

Fiat Lux LLC

“Fiat Lux” are the first words of the Latin Bible: “Let there be light.”

Sounds much more pompous if you don’t know the Biblical connection. ;)

@Anthony Butcher, check out 21st Mortgage Corp. They will lend on and refi most mobile homes, even pre-1976 models. The terms may not suit your needs, but they will do it.