All Forum Posts by: Nick Mess

@John Teachout good point about a trailer. I have a Mazda CX-5 and I bet I can get a small trailer that will help facilitate moving materials/big tools. 

@Mitch Harold hahaha well said

Thanks all, I would never buy a new truck, definitely not a smart choice! I drive a rusty Ford Fusion I picked up at an estate sale currently so I am in line with the prevailing theme here. I am thinking after my third multi, I can justify exchanging my beater car for a beater truck. Although the 179 tax deduction is interesting - anyone consistently use that? @Pat L. its for heavier trucks only right? I think I read the deduction expires in 2022?

Living in NH and doing some of the renovations myself, I am feeling the itch to buy a used truck! But with only one duplex under my belt, it definitely makes more sense to save the money and invest in additional properties before I go off and purchase a pickup truck (third vehicle). I'm curious to hear from other landlords out there who have probably gone through this mental debate - how many properties did you acquire (and assumedly self manage) before you just had to go buy a pickup truck?

I vote for Southern New Hampshire. I live in Dover, walk 7 minutes to the Amtrak Downeaster and can be in North Station in 1.5 hours. Beats commuting with all those "Massachusetts drivers" hehe. Duplexes range from $275-375k area and can provide good cash on cash returns if you can manage the renovation costs (old housing stock that most likely need a lot of paint, electrical work, and carpentry). 

@Mark Pemberton I’m an investor from Dover and have experienced similar challenges in finding contractors and getting reasonable estimates. It really comes down to a numbers game. Create a list of 20 plumbers, 20 electricians, etc. and call ALL of them and hopefully you can get 3 realistic quotes for each part of your project. Also plan way ahead. For getting my boilers serviced, I am going to start reaching out to plumbers in the next 2 weeks as they can book months out. For rates I’ve experienced, plumbers range from $75-110/hr, general contractors $40-65/hr. Some are much better then others, try to pre-vet them by asking about availability, pricing, deposits, insurance. Also ask for detailed quotes and create SOWs to avoid disputes over hourly increments etc.

Hey @Daniel Marcoux I purchased a duplex in Dover last year and live in the bottom unit. I can't recommend the area enough. Lot's of building going on and much better prices then the Portsmouth area. Great area for young families and young professionals. @Megan Frank is a great resource and I would be happy to chat as well. You should attend the local Seacoast REI meetings at Chapel and Main Brewery on the second Monday of each month. Follow @Brendan Phelan for announcements. My wife is also a real estate agent in Dover if you don't already have one. 

-Nick

Thanks all, very good tips and you have given me a lot to think about. Maybe a multi with a big yard could work or a single family with an in-law would be another great option that wouldn't slow me down too much.

It definitely is a balance - trying to live within means and investing vs owning a private home large enough for pets, kids, entertaining, etc. 

I think I identify with you @James S. the most. I am definitely committed to real estate investing, but I also want to live comfortably (still within my means) and if the opportunity cost is a few doors than so be it. 

Hey all, 

My first project is a house-hack in Dover, New Hampshire. I bought a duplex and am living in one unit (1.5 bedrooms) while renting out the 2nd unit. It's going pretty well but I am trying to figure out my strategy for my next buy. 

Option 1: I buy a single-family home with a bit more breathing room (at least .5 acre yard and 1500+ sqft) and then delay a year to save up to buy my 2nd investment property. 

Option 2: I buy another multi-family (ideally 3 or 4 units this time), house-hack for another year and then buy a single-family home to live in. 

I am leaning towards option 1 as I don't prefer to live in a construction zone and so my dog doesn't hate me (the multi-family we are in has no yard). 

Anyone go through a similar scenario? What did you decide and how do you look back on your decision?

Thanks,

Nick