All Forum Posts by: James Petro

Raymond McGill where is the property located? I would recommend east coast for HVAC, and artisan electric. Both are out of Portsmouth I believe. I have a great roofers card at home, I will try and round it up tonight. Who do you use for plumbing? Good luck!

Eliza A Leedberg Welcome! I also went to PSU and live in the Portsmouth area doing a mix of flips as well as buy and holds. Would be happy to answer any questions you may have!

Thanks for reaching out, I would love to catch up and pick your brain on the market up there.  

I live in Portsmouth, New Hampshire and am interested in Investing in Portland Maine.  I am interested in finding multi-family deals between 2-10 units for both longterm investment and condo conversions.  I am seeking someone who may be able to shed insight on the trending parts of town where more deals may be found.   Does anyone have experience in this market, and any realtor references would be great!  

Originally posted by @Ann Bellamy:

@Eric Hathway and @Stefanie Willie-Bonglo, I don't think Joseph Donahue is licensed in NH, since he didn't know the answer when I asked at the meeting about transferring properties into an LLC without paying transfer tax. He said as long as it was the same person owning the LLC as owned the property, there wouldn't be any transfer tax. That is completely wrong, and the consensus at my table, including that of a NH RE attorney, was that he was not local. That is a very well known peculiarity of NH law and the DOR that any local attorney should know.

Although my profile says MA, I live in NH and all my rentals are in NH.  I am not an attorney, however, so check with one licensed in NH.  Timothy Sheedy of Phenix Title was the attorney I was sitting with.  

I am currently going through this was an attorney in Portsmouth. I was under the impression that I would need to pay full transfer tax upon quitclaiming into the LLC. He seems to think I can avoid that, and just pay filing fees. Will see I guess

Where is the property located? Have you tried commercial financing through a small local bank?

Hey Cody, I'm located in the Seacoast NH. I am actively looking for leads. Let me know what areas you are looking in, and maybe we could work something out!

Welcome! I live in Portsmouth myself . Feel free to get in contact with me anytime, I'd love to chat

I found a nice multi family property in my area that looks run down and vacant. I looked up the property card online and found it sA owned by Citi mortgage. Any advice on how to get in touch with the right person at citi to try and learn more about the property? Thanks!

I just got a 4 unit multi financed with 20% down. My suggestion would be to go talk to a smaller local bank, and potentially go commercial. That's what I did, and the terms were just about the same as my last loan which was conventional on a duplex . The 4 unit was 10/1 ARM, 4.5, 20% down, 25 year amort. And .5 point Good luck!