All Forum Posts by: Patrick McCann

Just close on my first property on 12/21, a duplex in Dover, NH. Working on my first listing along with preparing the unit. I plan to do a month to month lease. Should I take a Security Deposit? I read on a New Hampshire government page the law states that the security deposit must be kept in a special escrow account with a bank or a bond posted with the municipality. Does that mean I could place the security deposit in a savings account as long as I don’t use it for my own personal use? And I understand the law states you must give the tenant a receipt of the deposit. Thanks! 

Don’t have much info to help you but from the sounds of it this one of those “if only I could buy one of these houses but no family would let one go” love the creativity and sounds like it’s a deal you have to find a way to make it work. Sounds like a solid find

Granted I don’t know the geography of California at all being a New Englander but from my understanding Lake Tahoe area is the spot to be for boarding out there. I’m gonna start off house hacking a duplex here in nh but hope to someday get into some STRs in some areas with mountain bike trails/ski resorts especially some of the less known ones that may be up and coming or that people really into the sport would know.

Hi, fellow granite stater. I’m just getting started, set to close on my first house hack duplex in Dover just before Christmas!

I plan on replacing it as soon as possible, already trying to schedule it, just not sure how soon I can get someone in there to do it after I close 

That’s the goal, have a few other things I’d like to do to the unit beforehand as well 

I’m on track to close on my first property/househack/rental in a few weeks in Dover, NH. The house is a duplex with the upstairs unit on a newer natural gas system with instant hot water and that’s the unit I intend to occupy. The downstairs unit is currently on oil and the system is currently functioning but the tank has corrosion and the furnace is in rough shape. There is already a second meter for natural gas set up on the property so I plan to convert that unit to natural gas as well. I’ve already reached out to some HVAC contractors I know just to kind of get the ball rolling as I know often they can be scheduled out well in advanced. Would you recommend I get the system replaced before renting out the unit in case the contractors can’t get to it right away or wait till I have the system replaced? Thanks!

I see the suggestions for Nashua and Manchester and agree with that there would likely be more Spanish speaking people but I’d say they’re at the lower end of great places in New Hampshire to raise a family. There is much better towns nearby just outside those cities though. Like others have said what is important to them? Do they like the ocean? Where do they plan to work? Do they like an area with a lot of datura ge and stores or do they prefer a more rural town?

I’m coming up with similar numbers as you looking for a duplex to househack here in New Hampshire and a lot of it has to do with the increased interest rates making the mortgages alot higher. My realtor who is also an investor gave me some good advice though that if I buy then at least I’m paying down equity that could be 1031 into my next house hack with more to put down so the numbers should work better on that one, alot of the properties in my area are mismanaged too (below market rents, landlord paying utilities, room for renovations) so possibility for forced equity is there too. Also I do need a place to live so that being said if I find a property were I can afford the expenses I’m going to pull the trigger regardless. Or maybe in the future the rates will go down and could refi and the numbers will work. The one offer I did put in we asked for the seller to buy points at closing to lower the interest, unfortunately the deal didn’t go through because the seller was worried the property wouldn’t meet the fha inspection requirements, the property had been on market for nearly 40 days and the listing agent said I was the first to put in an offer. There was 2 4 units both listed for the same price in the same area but I passed because the the in place leases had rents way below market that just didn’t make sense. Perhaps you could consider mid term rentals to squeeze a little more income out of the property? Good luck!

Hi, 

Is there any sort of calculator for a house hack deal? Rules of thumbs? Based of market analysis?

For example I'm going to look at a 2 family in Southern New Hampshire that I would plan to buy with a FHA loan. The house is listed for 419,000. The house has two 2 bedroom units and a detached garage. Lender is figuring around 7% interest. Disclosure shows one unit is currently rented for $1300 a month, seems low to me but I'm still checking comps. Seems as though I'd still be left paying a good part of the mortgage. Ideally I'd like have rent cover a good part of the mortgage but seems nearly impossible in the current market situations i my area with high property cost and high interest rates?