All Forum Posts by: Richard Dale-Mesaros

You should get the NH real Estate Commission's position on this (call them.....) and ask more than one attorney - always good to get multiple opinions or perspectives and do your own due diligence to gauge the validity of what you're being told!

Get after it Jack! You have plenty of folks on BP to help you as you grow your portfolio - this is a great resource for you to lean on and any of us will be happy to provide some insight, inspiration and motivation if you need it.....

Be remarkable,

Richard :)

Definitely get a good grasp of the NH 'redemption period', in other words, once a town has taken a property from an owner, they have a two year period during which they can 'redeem' the property, or pay the back taxes/fees and get their property back, even though you now own it. I guess part of your due diligence at a town auction is to find out exactly when the town took the property from the owner and if it's still in the redemption period. * As always, check with an attorney on stuff like this, because I may be wrong and rules change! On the other han

d, if you did acquire something that's still in the redemption period, the likelihood of the previous owner showing up to get it back is fairly low........ :)

Hi Chris, let's connect on BP and perhaps get on the phone etc - happy to provide input where appropriate!

Richard :)

I'd say two things:

1) The fortune is in the follow-up: have a CRM or any  other method to keep tabs on your leads and follow up on a regular basis, be patient!

2) Careful with the seductive attraction of all the free or paid education out there - consider that your time is perhaps best spent on lead generation vs gaining even more knowledge because if you get a deal, you can quickly get questions answered by BP, other buddies in the biz or your mentor(s). Happy to connect with you on BP if you like........

Onward!

Richard :)

Whenever considering your entity structure, in addition to your CPA and your attorney, it's always useful to run it by your insurance agent and your lenders - each of these characters may have different perspectives on the entity choice and it's worthwhile making sure all four are on board with the one you choose. 

Not sure if it makes sense for either you or your partner, but you could consider putting your funds in a self-directed IRA and the building profits go back into the IRA tax-free if the IRA has invested in the building - check with a decent CPA on this, or ask Equity Trust, one of the better self-directed IRA co's. You have to make sure the IRS won't consider this 'self-dealing' if you are managing the property. I will ask our 500+ KW agents in NH who they suggest for a CPA in the seacoast area and let you know. Hey, let's connect on BP! :)

Makes sense to use a GOOD local Realtor, preferably one with a lot of transactions under their belt and competence when it comes to properties with more land (make sure they are willing to walk the entire lot, to identify any special features!). Look at their current listings and decide if they seem able to represent your property in the right light, should you decide to list it.......

There are several things you can use to weigh up value including:

1) Town assessment (this is one real estate professional's opinion of value...)

2) Current similar listings (what are you competing with and at what price level should you pitch your property?) 

3) Similar recent comps (what might the market bear for yours, although it may be hard to find many that are only 2 bedrooms on a big lot that are of more recent construction, so some adjustments may need to be employed to allow for differences in sf and age etc...) - go drive by the most comparable three properties to compare locations/settings.

4) Appraisal (have you had one done recently?)

5) Other homes that have sold off the MLS in your town(s) - town offices all have files of sales for each year, some of which will have occurred without being listed and you may find one or two like yours in there.

6) Dollars per SF comparison with the comps - take an average $/sf number from the comps you find and multiply that number by your square footage to come up with a number on yours.

7) What would yours cost to build today? Used homes at the moment represent a much better value than building new....... although not super-relevant, it's handy to know this.

8) Zillow's 'Zestimate' (can be accurate, can be WAY off.....) - many buyers try to use this as leverage to try and substantiate their low offer if the Zestimate is on the low side.

When you say 'priced properly', think about how that factors into your needs - do you need it sold in a month or can you wait six months? Are you trying to get as close to the top of the suggested price range as possible? What are the factors about your home that will push it higher up the range (big lot, privacy....) and are there any negatives that will pull it lower (only 2 brms, under 2000sf etc). Try to be as realistic as possible with your starting point - if you start too high, you risk it sitting and becoming a stale listing, plus when buyers see how crazy-high you started out, they may tend to be less flexible when you need them to be during the negotiation phases (offer, inspections, appraisal, final walk through, closing day.....). 

Hope this gives you some food for thought, Rebecca and good luck  :)

Hi Jim,  I have three companies to go see about this, I'll shoot them over to you if you email me your request......

Regards,

Richard  :)

...you have NHREIA who meet every second Wednesday in the month in Manchester, there's a seacoast group and I believe one in Nashua as well......

Hmmmmm...... okay Andrew, lemme see if Howard and Laurie are open to sharing their experiences with you - let's switch to email from here - I'll send you a connection request.....