All Forum Posts by: Richard Dale-Mesaros

Nicely worded intro...... I actually have a couple of friends who have been traveling the world for about eight months, working online from their laptops/Air BNB's - I'm sure if you'd like to pick their brains, they'd be happy to share their experience with you (they're both programmers?).

Good luck with your RE endeavors, I'm an investor in NH, happy to compare notes and help you out if I can......

Regards,

Richard

Septic systems have to be a certain distance from the subject property's well and the property boundaries. When buying a place, you might want to quickly check the location of the neighbor's leach field as well, because it might be so close to the dividing boundary line that it is less than the minimum required distance from that line or worse, your well. My last flip had the well closer to the line than allowed and there was a recorded document from the state whereby the previous owner acknowledged it was within the minimum setback from the side boundary, so if someone built next door (was vacant land and still is....), and their leach field was close to the boundary, it might have run into our well. We disclosed this to any incoming buyers and fortunately our buyer was comfortable with that situation. Good point to know!

Our area is certainly good for short-term rentals, there's a ton of outdoor stuff people can do in close proximity to Campton and WV. One of my investor clients bought a large ski house and rents it constantly on Air BNB, she may be open to chatting with you about her experience with that business model and she lives just north of Boston.....hers sleeps ten though, so  a different property than what you're considering. BP has had a few good interviews on this concept. It's worth considering how your unit will look in photos online and the more appealing it can be, the better it will rent. Always be careful with condo  developments and do some thorough due diligence before making your offer. Find out if there are any special assessments currently levied, or if they anticipate any soon, whether or not there are any lawsuits within the association and of course whether or not they even allow short term rentals because some don't. Speaking with the condo board president, the property manager (and the previous one!) and some of the owners will give you a better feel for how things are there. See if anyone else is doing Air BNB and what they're charging, so you are dealing with reality when making your projections. Definitely make sure you have cable and cell service at the unit because some don't depending on where in the mountains they are located. Consider proximity to the I93 as most people don't want to be too far out. Talk to local Realtors re. their opinion of the development you're considering. Take a good walk around the place to get a feel for how well-maintained it is. Waterville Estates (in Campton and Thornton) is good for rentals because they have night skiing and a great rec center with pools etc but the property taxes are TWICE those of either town because they're a 'village district', which adds it's own taxes to the town tax - it may still work numbers-wise, but worth knowing about nonetheless. I'm happy to give you a quick tour of most of the developments in those three towns, probably take 1.5 hours or so and no pressure to work with me as a Realtor, just happy to help out a fellow investor!

Definitely listen to the BP Podcast (and their new show on money!), take a few seasoned investors out to breakfast and attend local REIA events. Next week's NHREIA meeting in Manchester will be worth attending - they're doing a couple of case studies on apartment buildings, actual deals that went down, this is a great group. I'm also happy to provide any insight for what it's worth, too...... :)

Hi Tashinga,

It is NOT easy to be an agent part-time, so prepare yourself to really prioritize your time and be super-efficient with your activities. You may want to start out on a team mainly because you'll get leads and have admin support, so that will ease your burden when trying to include a job. This of course means a smaller split initially, but worth weighing up the pros and cons as you embark upon this venture.

I specifically joined Keller Williams because they have a very entrpreneurial culture, are investor-friendly and you're able to have your own brand/don't need to be in the office, especially if you have other gigs to deal with. Profit share is nice, too, because it helps to fill the voids between closings. I want my RE biz to be a blend of residual income with the bigger one-off commission chunks, so there's less of the feed and famine scenario! I'm happy to fill you in how it's worked out for me as an investor if you like, so feel free to connect on BP and we can continue the conversation offline......

All the best on your foray into real estate!

Richard :) 

Hi Jim, I have someone I can recommend who has done a lot in the Lakes Region - let's connect soon because you know how busy all the contractors are at the moment!

I'd be inclined to ask for half up front, if you feel it necessary to do the 'hold' thing, however typically best to get the whole deposit upfront anyways and always best to make the security deposit a different number than the rent so there's no confusion between the two....... good luck!

Hi Ryan! As an investor who has had crappy advice from some real estate attorneys and great advice from others, it's certainly worth doing some due diligence on whoever you're considering. I have a couple in Manchester I can heartily recommend if you like. Hopefully you can get a few client testimonials and failing that, ask the local investor community for feedback on them, especially busy investors who are doing a lot of deals. Goes without saying you'd want them to specialize in the type of real estate you're considering. Have a 'if you were in my shoes as an investor, what things would you keep in mind' sort of conversation, so you can get a sense as to whether or not you're on the same page and if this is someone you want to do business with...... 

I can suggest a couple of good local NH banks and also have a contact for investor re-fi's from a creative national lender who could no doubt deal with your scenario. Let's connect and I can share......  :)

@ Benjamin Dutil - You're welcome, I have his direct number if you want to connect on BP and please don't hesitate to reach out if I can offer any other help going forward...... :)