All Forum Posts by: Richard Dale-Mesaros

Why don't you call Issac Davis, Vice pres for Northway Bank in NH, tell him I suggested you call - he has been doing 20 yr term, 5.2% with 20% down for a multi buyer of mine on acquisitions. Not too sure how this might equate to a cash-out refi, but definitely worth a call, the local banks can be better sometimes.

@Jay Hinrichs - Woah! That's a substantial deal! Hope it comes to fruition!

I had a $10 option on a $6MM marina/approved 47-unit condo development to be built - wanted to assign my option for $250k, but only managed to find someone to lease the marina and no-one to buy the whole kit and kaboodle. Cool experience but not cool with the lack of result......  :)

@Jay Hinrichs - on the options, what are the mechanics of you getting paid as the Optionee - would you 

1) Assign the option to your buyer

2) Enter into a P+S with the seller and assign that to your buyer

3) Do a double closing

4) Get an option 'cancellation fee' (on the seller side of the HUD) as your buyer buys from the seller for the price he agreed to buy it for

Just curious, I've done all four.......

R  :)

@ Jay Hinrichs - liking that last paragraph, totally agree. As far as I know in NH, it is legal to assign a contract you have on real property, as it is legal to purchase/assign an option on property. Certainly sounds like those folks saying they're selling a house when they only have it under contract is entering murky waters in the eyes of the local Real Estate Commission...... always good to seek the opinion of more than one competent real estate attorney on this stuff (yes, I've had crappy advice from real estate attorneys who 'specialized' in real estate!). New Hampshire is certainly challenging to attempt being a wholesaler, it's hard enough to get deals cheap enough for an investor, let alone so cheap that you can fit in a wholesaler's margin as well. Those being successful (selling multiple contracts in a month) are spending a ton of money on marketing (which works....), or going to a LOT of auctions, seeing as so many get cancelled, or the borrowers owed so much that the bank takes them back at the auction because no-one is willing to pay anywhere close to what was owed. Wholesaling is simple and provides fast cash but it isn't easy.

Jim I should know more on this after a meeting next week with a builder who has built over 300 modulars in NH. I'm putting new homes 'to-be-built' on land in my area as a Realtor, so I'm listing the land and marketing the house as a package. We have such low inventory with virtually no builders building spec homes around here - if the numbers dovetail in with what the market will support, I'm hoping it's a strategy I can repeat, then move into actual spec homes once that model has proven itself. I'll let you know what I learn and look forward to comparing notes as we each enter this arena!

^ Like she said  :)

What part of NH are you in Corey? I tend to function from Concord up to Lincoln, which is somewhat slower than the hot areas like the seacoast. Wish I had BP at my fingertips when I was starting out - let me know if you're coming up this way (Plymouth....) and we can compare notes......

Some great comments above - that was a good idea to ask the group! You could team up with a successful wholesaler from a different area and have them invest the time/money in marketing to get leads in your area, then you follow up on the incoming leads and split the assignment/whatever profit you make with the wholesaler. They can coach you on doing deals (as can BP, of course...) and it provides leads for you without using your money. The hard thing about wholesaling in NH is getting stuff cheap enough to fit a wholesaler's margin and this would get around that need to fund a robust marketing campaign ('course, there are quite a few free ways to get leads.....). Getting early success as a Realtor isn't all that easy and it sucks working for free for an extended period before you build up a decent amount of commission - if you go this route, maybe consider joining a team, so you're fed leads (but paid less) and have tons of support. Go luxury sooner, so your commissions are higher than the sub-$300k stuff that a lot of Realtors are more comfortable doing and if you land a big listing, you could always partner with another more successful luxury Realtor who would be happy to co-list and cover the cost of the luxury marketing if you're bringing the listing to the table...

Hope this helps!  :)

Well whaddya know?!:

https://www.biggerpockets.com/renewsblog/2013/06/1...

......let me know if you need a decent landlord atty for NH, I know a few and good luck adding to your portfolio!

Hi Allan,

Feel free to use me as a resource for NH, it's quite challenging in our state to find investor deals, but as always, some vigorous shaking of the bushes should result in some opportunities for you to add properties into your deal pipeline. We do still have a big disparity between certain areas (seacoast and the southern part of the state in general) and the more rural areas and much further north, in terms of how quickly stuff sells/market activity, but generally in NH the rental market is very strong, both for SFR and apartments, bolstered by the real shortage of affordable housing for local workers to buy. Hope this helps and good luck!

If you can find a true deal in Portsmouth it's a no-brainer, but hard to find these days! Dover and Rochester are up-and-coming towns, Dover being ahead of Rochester. Both are feeder towns for Portsmouth, so affordable rentals would be great.......