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All Forum Posts by: Jeff Barnard

Jeff Barnard has started 1 posts and replied 14 times.

Post: Single parent - Should I buy this duplex and live in half?

Jeff BarnardPosted
  • Rental Property Investor
  • Nashua, NH
  • Posts 14
  • Votes 28

@Chris Hanisco I think this is a great strategy and is one I am currently using myself in southern NH. I like that you ran the numbers assuming both units are rented out. This way you will know how the numbers look when you move out. One piece I do not see in your numbers is Utilities. It may be the case that the units are metered separately for heat and electric, but is there a common electric meter that will be your responsibility? What about Water/Sewer? If the house is on a well and septic like many in southern NH, you may want to bump up the CapEx % you used. All in all - great strategy with decent numbers. I would just recommend you think about the exit strategy. You don't want to be in a negative cash-flow situation when you move out...

Post: Looking for advice in Nashua, NH

Jeff BarnardPosted
  • Rental Property Investor
  • Nashua, NH
  • Posts 14
  • Votes 28

@Derek Brine I grew up in a town adjacent to Nashua and I work in Nashua. I agree fully with the input from @Ann Bellamy above. As I was searching for my first deal, I found the prices and inventory in Manchester far more palatable than Nashua. In my limited experience, there are larger areas that attract more desirable tenants. Last summer it seemed investors were willing to overpay in Nashua, and I could not make the numbers work. That does not fit my strategy, so I moved to a different area and closed on a deal fairly quickly. Feel free to reach out anytime.. 

Post: [Calc Review] Help me analyze this deal

Jeff BarnardPosted
  • Rental Property Investor
  • Nashua, NH
  • Posts 14
  • Votes 28

@Keith Manchester I agree with @Robert Leonard on running the analysis twice. I recently closed on a 3-unit property that I am occupying. I removed the rent from the 3rd unit in my analysis to show the numbers while I lived there, and then I re-ran the analysis to obtain the numbers once I move out. Ultimately, I was more interested in the latter. This has been a great starting point for me as I was able to purchase with such a small down payment (5%) and I am learning how to be a landlord while living in the property. I am curious why you assumed $0 as a down-payment. Also, my closing costs were more than double what you have estimated.

As far as additional expenses to think about, you should envision when you are no longer living in the property. Is there electrical in common areas you need to pay for? Lawn care? Snow removal (probably more applicable in New Hampshire than Palmdale haha). Trash removal? 

Keep analyzing deals every day! Good luck!

Post: My First House-Hack is Underway in NH

Jeff BarnardPosted
  • Rental Property Investor
  • Nashua, NH
  • Posts 14
  • Votes 28

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Manchester.

Purchase price: $335,000
Cash invested: $25,000

This house is a 3-unit multifamily in one of the better neighborhoods in Manchester, NH. Two of the units had long term tenants which have remained in the house while I am living in and renovating the 3rd apartment.

What made you interested in investing in this type of deal?

I was looking for a way to get my first property with a small amount out of pocket.

How did you find this deal and how did you negotiate it?

I found this deal through my realtor before it hit the MLS. We negotiated and had an accepted offer the morning that the property hit the MLS.

How did you finance this deal?

5% down conventional loan

How did you add value to the deal?

I am rehabbing one of the units that was very dated. I am also raising rents to current market value. Total rent for 3 units prior to sale: $2,650. Anticipated total rent for 3 units when I move out: $3,350.

What was the outcome?

To be continued...