All Forum Posts by: Megan Frank

A week or so ago our tenant reported that the basement smelled of gas and they were worried there was a leak. We instructed them to call the emergency line for the gas company and have them come out. They did and the smell was methane coming from a toilet they let dry out. They poured some water in the toilet and the smell went away. The bill for the gas company coming out is $135. Are we responsible for this as landlords or are the tenants responsible for the bill? The lease states they pay for gas and they have an account set up with the company that came out but the lease does not specify who would pay in this instance. Normally I would probably pay the bill and be thankful that they called the gas company and did not let the house burn down, but these same tenants ran up a $2100 water bill for a running toilet in the passed few months. We were kind in that instance and paid for half of the bill even though the lease states they pay water. This is obviously killing the cash flow for the house. What would you do? Thanks! 

I am more in the seacoast area, so I do not have any recommendations for lenders. You can definitely buy an investment property for low money down though, especially if you are willing to live in it for a year. I recommend using an FHA loan and putting 3.5% down and including closing costs in your offer so you save even more money up front. I would google FHA lenders in your area, and if property investing is something you think you may be doing a lot of, it might be a good idea to find a local lender that also does portfolio loans so you can eventually have all your loans from the same bank. They are more likely to invest big in you if you invest big in them. Best of luck to you!

@Oliver Salmon - For some municipalities in NH there is a rule that the owner must occupy 1 of the residences which makes it a bit harder to acquire single family homes with ADUs in the same town over and over again (depending on the town). It seems that many towns have not decided on what their specific rules on accessory dwelling units will be and they are going to kind of decide as it comes up. I do feel like this could be an advantage in NH and have already taken advantage of it, buying a single family home in Dover NH with an ADU in February. The home we purchased was listed as a single family with ADU and is zoned R-12 (residential/light business use). When we went to get financing there was a bit of an issue because we wanted to put 5% down and purchase as a primary residence rather than the 20% down for a 2 family investment property. With a bit of paperwork filed to make sure it was legally an "ADU" with the town vs a duplex we got the property with 5% down. Along the way we learned that Dover does not monitor ADUs and their specific usage (although that could always change in the future.) Our plan is to live in the house for 1 year, fix it up and purchase another single family home with an ADU or ADU potential (finished walkout basement with bathroom, barn, etc) with only 5% down again, but we will probably do it in a different town like Somersworth or Rochester to avoid any issues. I do think the zoning of the home may make a difference if you choose to go that route and move out. If the house is zoned R-1 it might be an issue, but if it is zoned R-12, Rmu, R-2, etc I bet you can get away with more. I am interested on what others feel about this too. Good question!

@James S. - the heroin epidemic in Rochester and Somersworth scares me (not that Dover is not impacted - it's pretty much everywhere now). Screen, screen, screen your tenants (too bad we couldn't drug test?) We use facebook, police logs, etc. I do feel that managing a building vs a duplex  or smaller building would be make a difference. We own 1 unit in Rochester and 2 in Somersworth and on a small scale we easily find great tenants that are hard workers and not hoodlums or addicts. On a larger scale, if you had many units to fill, this would be a lot harder. By the way, I think I work with you? Are you at NPC? I am on second shift. 

We own 1 2 family in Dover and 1 in Somersworth as well as a condo in Rochester. We have had no trouble finding quality tenants who pay their rent on time and take care of the units. If you venture into Somersworth/Rochester area stay on the outskirts rather than close to downtown. South Berwick/Berwick could work too, but then  you will pay Maine taxes. 

Welcome! I love listening to the podcasts and webinars at work. My husband and I just bought our 2nd duplex house hacker style in Southern NH. Good luck to you!

@Raymond McGill How was the turnout? My husband and I are interested in attending a meetup after we get settled in. Great to see you are trying to organize these. I work nights (just praying for when I can quit) but can take a night off or come on break. Sounds like you are doing some deals in Somersworth/Rochester and I would love to learn whatever I can. We are relatively new to the game and also investing in Rochester/Somersworth/Dover and need to branch out and meet some people. Good luck on your investments! 

So encouraging @David Zheng! You brought a tear to my eye too! I pray to have this type of accident one day. 

Thank you for your responses @JD Martin and @Nicholas W. From what I am reading online it I am thinking you are right and its worth a bit more money up front. Found out the chimney is already lined so that is a plus.