All Forum Posts by: Jaylan Archer

Hey Nick! 

Congrats on taking the first step and posting about what you are looking to do. Getting around others that have accomplished what you are looking to do is always important.

I'm actually a real estate agent out of Portsmouth and an investor myself, so you can take everything I have to say with a grain of salt. :) 

The seacoast really is expensive - but with every negative - there is always a positive, it also has huge rental demand with steep prices for rents. If you are starting out I most definitely would recommend going the FHA owner occupant route and purchase a two to four unit. This is the best way to get started in real estate with little money down, and start the process of investing without a ton of risk.

I would focus on the areas you would like to be in and see what the market is there. Some of the seacoast has historical high appreciation and steady rental rates while other areas are known for a bit more cashflow and less appreciation over time. If you haven't already connected with a great local lender, I'm Happy to send over a couple of options for you to consider.

Hey Michael! 

Do you already own the home outright with no mortgage? 

I would not want to touch a previously existing mortgage if you do have one with a great interest rate. If you do have one - you should still be able to get a HELOC and not touch the existing first mortgage.

I wish I could take some of the credit but I can't take any. 

They put in the work and definitely found a great deal! I tell as many people as I can about different methods to find a great deal, but only a handful of people ever put in the work to ge one.

The first investment in my opinion is by far the most important. Setting yourself up for cashflow or a BRRR right out of the gate sets the trajectory to how quickly you can move to your second investment.

You can definitely use an FHA loan with 3.5% down to buy a four unit, but that is a limit. Past 4 units you are getting into commercial property and just about everything with loans significantly changes.

I would stay with FHA though. I know it is going to make your offer less competitive but the multi-family market in Dover already is super competitive. There's currently 4 active multi-family properties in Dover in a town of 33,000+ people. I'd try the off market route. Drive for dollars, find long distant property owners and start sending letters.

I just had some clients find a terrific four unit that was off market and definitely cash flowed well. They were able to use an FHA mortgage and didn't have to compete with a line of open house attendees.

Hey James! 

Great connecting with you. Would love to be a resource for you in the future.

I have worked with a few decent wholesalers in the area and these seem to be the most active out there.

NH Home buyers LLC

Eagle Creek properties

Blue Sky Properties

This really is a tough question to answer and can't honestly be answered without knowing two specific examples with numbers.

For example buying a distressed, off-market 4 unit could lead to a great profit if done correctly. Purchasing an on-market 4 unit that some people would consider only needing paint and flooring likely won't lead to a great profit.

In Southern Maine and NH I typically see the greatest returns in these projects being turned into condos and sold individually. Whether it is a new build or a renovation - the housing cost in the area is simply high. Sometimes splitting the property up into pieces and selling the pieces leads to a greater profit overall.

Hey Brett!

I'll echo what Clarissa said. 

I am on the east side of NH working along the seacoast of Maine and NH.

Would probably be best for you to find someone that is licensed in both Vermont and NH so that they have one point of contact. Happy to get them in touch with someone that is.

Hey Eileen! 

Super difficult to find owner financing right now but it is possible.

It sounds like it is a credit issue as far as not being able to qualify for traditional financing? 

Hey Cliff!

Great insight. I'm just curious, do you know of any towns that have started to tax STR's?

Hey Joe!

Congrats on starting the journey into investment property. I'm glad to hear you are working with an agent experienced in rental properties. Unfortunately many agents out there don't understand the dynamics with multi-family property.

Like others have mentioned - I would definitely go with the FHA, 3.5% route. That is by far the best way to get started in small multi family properties by owner occupying. I have found that typically the more units 3 or 4 the better in regards to cashflow using this method.

It's still a really strong sellers market in Maine and NH in just about all markets. You are going to struggle finding great rental properties that you are the only buyer offering on so getting your closing costs covered might be a tough thing to do. If you are able to find something off market that is likely the best option but also will take the most time.

I have had a lot of success sending out mailers, door knocking and looking up sellers on properties I knew I was interested in buying or had a buyer for. By far - the most important property an investor can buy is the first one. I always recommend a buyer wait on the good deals to find a great deal.