All Forum Posts by: Patrick McCann
Patrick McCann has started 5 posts and replied 99 times.
Post: Maintenance, CapX, Vacancy
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Quote from @Jaylan Archer:
Hey Michael!
I would agree with Anthony on this one.
Each property and town could have different percentages based on the property, location and unit sizes. I try to take a look at each property and run the numbers on maintenance and cap x based on the roof, siding, heat, etc and when they were last replaced.
For vacancy - I think that is a good running average but the state of NH has been averaging under 2% for the last several years. The other benefit that I think NH has that is keeping that number low is the lack of new rental properties coming to the market. Most of NH's rentals are older compared to the national average.
I personally would generally run numbers at 5% for maintenance, 3% for vacancy and 8% for capx.
Post: Maintenance, CapX, Vacancy
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Hi Michael, also in New Hampshire. Curious as to why you chose to invest out of state considering New Hampshire is a great market with good rent growth and appreciation. I do understand the price points are higher than other sone areas though. At the same time though I met an investor last night that has properties in an area that I wouldn’t have thought would have good demand with much lower property cost and sounded like he’s been crushing it there, problem is there’s a lack of quality contractors in that area and basically no property management companies but he’s been able to self manage from a distance(driveable distance)
Post: Florida vs New Hampshire Short Term Rentals? ( Who Wins )
- Realtor
- New Hampshire
- Posts 100
- Votes 51
I like all the people dissing New Hampshire, keep the competition to buy down. If you know New Hampshire well and what the hot spots and activities are there’s many areas with year round demand. Just look at Friday traffic heading north out of Massachusetts.
Post: Househack and taxes
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Quote from @Adedoyin Ogunbajo:
Hi there @Patrick McCann: I'm presuming you'll be renting this property out for more than 15 days a year. If that's the case, then this will be treated as a personal/rental residence. This mean you must prorate your home expenses between personal and rental use. Your rental expenses will be deductible only to the extent of your rental income, however you will be able to deduct up to $25,000 of your rental losses against your W2 income if you actively participate in the activity and own at least 10% of the property; this will depend on your overall income as there is a phase-out for income over $100,000, which is roughly the amount you mentioned that you make. Please consult with a tax professional on more specific details about this; I'd be happy to answer any questions you might have. Good luck!
Post: Househack and taxes
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Hi, I've just started out investing in Real Estate in the past few months and I am House hacking a duplex. I do not qualify as a real estate professional, I have a W2 income of roughly 100k a year. Is there any tax benefits for me or the many people in a similar position as me that are new and don't have the knowledge yet? Is there anything I should be tracking?
I do track all my expenses for the property currently on Stessa.
Post: Posting listing without tenant consent
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Hi, I also own a rental property in Dover NH. In my lease it states that I have the right to show the apartment if they’re moving out, for refinance appraisals etc. I’d check the wording on your lease
Post: First time home buyers that want to house hack
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Hi James. Wouldn’t consider myself to be a mentor as I just got started myself, but I am currently house hacking a duplex I recently purchased in Dover NH just a few months ago. I can answer any questions you may have from what I have learned and connect you with any of my contacts (agent, mortgage lender etc) if needed.
Post: Thoughts on the latest MTR-focused BP podcast?
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Quote from @Martha M.:
Quote from @Patrick McCann:
Quote from @Martha M.:
Quote from @Martha M.:
Quote from @Nicole Heasley Beitenman:
Quote from @Blair Carney:
My wife and I watched it together. We have zero rental properties and are interested in starting. She is a nurse but has move on to sales and other roles, so the MTR game focused on travel nurses hit home for her. We won’t be able to make the MTR Summit in San Diego, but we’re interested in joining his Mastermind.
I didn't realize he had a mastermind! I must have missed that part. I'm re-listening to it today. I'll have to see what the cost is.
He does, Zeona and I would LOVE to take it but it’s $5,000 and unfortunately doesn’t fit in my current budget. Hopefully will get a few properties rolling and then I can take it! 😉
I have been listening to Jesse for over a year … he’s amazing and has the BEST tips, ideas and content! I wish the group of you that are doing the MTR summit in San Diego would consider doing the same summit in a few more varying areas. I’m East Coast (New Hampshire) and I would absolutely attend one out this way!! I would LOVE to be in a room with you MTR movers and shakers! 😉😂. Your book is fabulous, Zeona … you and Sarah are just such a dynamic MTR duo! 😊
@Zeona McIntyre - Fabulous! You're in Denver or nearby aren't you? Well ... i would definitely travel to Denver! I've never been and I hear it's beautiful! Thanks for letting me know!
@Patrick McCann … this is SO ironic as that is exactly where I am right NOW looking now for properties to both Buy and use as MTR’s and also potentially Arbitrage for that area. I’ve been a Realtor in this area for 20 years and are now focusing more of my time on investments. There are actually a number of hospitals in our area that are lacking MTR inventory. Would you happen to have the name of the investor you connected with … I’d be happy to reach out. Additionally, I am looking for meetups in our area. Are you involved in any others?
I know the woman’s last name was stewart and I believe she said her business name was stewart properties and could be found that way. This meetup is at Chapel and Main the first Monday of every month I believe. Was my first time at a meet up as I’m new to Dover and new to real estate investing.
Post: Thoughts on the latest MTR-focused BP podcast?
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Quote from @Martha M.:
Quote from @Patrick McCann:
Quote from @Martha M.:
Quote from @Martha M.:
Quote from @Nicole Heasley Beitenman:
Quote from @Blair Carney:
My wife and I watched it together. We have zero rental properties and are interested in starting. She is a nurse but has move on to sales and other roles, so the MTR game focused on travel nurses hit home for her. We won’t be able to make the MTR Summit in San Diego, but we’re interested in joining his Mastermind.
I didn't realize he had a mastermind! I must have missed that part. I'm re-listening to it today. I'll have to see what the cost is.
He does, Zeona and I would LOVE to take it but it’s $5,000 and unfortunately doesn’t fit in my current budget. Hopefully will get a few properties rolling and then I can take it! 😉
I have been listening to Jesse for over a year … he’s amazing and has the BEST tips, ideas and content! I wish the group of you that are doing the MTR summit in San Diego would consider doing the same summit in a few more varying areas. I’m East Coast (New Hampshire) and I would absolutely attend one out this way!! I would LOVE to be in a room with you MTR movers and shakers! 😉😂. Your book is fabulous, Zeona … you and Sarah are just such a dynamic MTR duo! 😊
@Zeona McIntyre - Fabulous! You're in Denver or nearby aren't you? Well ... i would definitely travel to Denver! I've never been and I hear it's beautiful! Thanks for letting me know!
@Patrick McCann … this is SO ironic as that is exactly where I am right NOW looking now for properties to both Buy and use as MTR’s and also potentially Arbitrage for that area. I’ve been a Realtor in this area for 20 years and are now focusing more of my time on investments. There are actually a number of hospitals in our area that are lacking MTR inventory. Would you happen to have the name of the investor you connected with … I’d be happy to reach out. Additionally, I am looking for meetups in our area. Are you involved in any others?
I know the woman’s last name was stewart and I believe she said her business name was stewart properties and could be found that way. This meetup is at Chapel and Main the first Monday of every month I believe. Was my first time at a meet up as I’m new to Dover and new to real estate investing.
Post: Thoughts on the latest MTR-focused BP podcast?
- Realtor
- New Hampshire
- Posts 100
- Votes 51
Quote from @Martha M.:
Quote from @Martha M.:
Quote from @Nicole Heasley Beitenman:
Quote from @Blair Carney:
My wife and I watched it together. We have zero rental properties and are interested in starting. She is a nurse but has move on to sales and other roles, so the MTR game focused on travel nurses hit home for her. We won’t be able to make the MTR Summit in San Diego, but we’re interested in joining his Mastermind.
I didn't realize he had a mastermind! I must have missed that part. I'm re-listening to it today. I'll have to see what the cost is.
He does, Zeona and I would LOVE to take it but it’s $5,000 and unfortunately doesn’t fit in my current budget. Hopefully will get a few properties rolling and then I can take it! 😉
I have been listening to Jesse for over a year … he’s amazing and has the BEST tips, ideas and content! I wish the group of you that are doing the MTR summit in San Diego would consider doing the same summit in a few more varying areas. I’m East Coast (New Hampshire) and I would absolutely attend one out this way!! I would LOVE to be in a room with you MTR movers and shakers! 😉😂. Your book is fabulous, Zeona … you and Sarah are just such a dynamic MTR duo! 😊
@Zeona McIntyre - Fabulous! You're in Denver or nearby aren't you? Well ... i would definitely travel to Denver! I've never been and I hear it's beautiful! Thanks for letting me know!