All Forum Posts by: Richard Lovering

Welcome to BP Joe! Fellow NH resident and investor here! Lots of great info on BP as well as the meetups. I've been to the meetup Gal suggested in Nashua a few times and made some great connections including our agent/property manager. Definitely worth the time to attend some of the meetups and get to know some local folks. It's definitely about relationships! Though I'm still a newbie myself (bought our first to properties this year) I'm happy to help however possible. Good luck in your search and have fun! 

Happy Holidays,

Rick

Sounds like your money is best spent on fixing the issue rather than chase him in court. In fairness to him your building has an issue that's impacting his business and therefor your business. I'd fix the glass and re-rent it. 

 Thanks for sharing! Much appreciated!!

Hey BP folks! I've toyed with the idea of a rental home in VT to be used partially as a vacation home for my family. What tools do you BP folks use to analyze short term market rentals? Anything worth while? I appreciate any feedback you can offer!

Rick

Hey BP folks!

Title says it all. Any experience out there? Good or bad?

Cheers,

Rick

Hello BP friends! 

I'm excited to have closed on a second multi-family building (5 units) today! I started my REI journey last year at the urging of my brother in-law and partner. I read all the books, listened to all the podcasts and spent countless hours educating myself (still don't feel like I've done enough). We made offer after offer and ended up being under contract with about 7 or 8 properties so far this year. We closed our first deal in February on a 6 units multi-family unit in Manchester, NH. Today we wrapped up our second deal on a 5 unit in Nashua, NH. We have minority partners on both deals (first deal is a GC and MF invenstor himself) (second deal is a close friend and facilities manager for SNHU).

As most have probably experienced, we definitely made some mistakes on our first deal. Some small things like shopping around closing attorneys, paying too much to form our operating agreement LLC and likely spending too much on rehab. While some of those things may feel a little painful now, I have full confidence that down the road (we're long term buy/hold with BRRRR) we won't feel the same pain. I chalk it up to pricey education. I'm not really sure we would have learned otherwise. We had to get our feet wet on a deal.

I encourage those that are still waiting on the sidelines to figure out a way to get involved. Even if you're a minority partner on a deal with $5-10k. Get in a deal, learn the mechanics, the do's the don'ts and be part of all the conversations that happen. You'll meet more and more people in REI, develop your skills and more opportunities will come your way! It's easy for me to say this as I'm at the beginning of what I hope to be a long journey and haven't had any horror stories yet, but I'm sure those will come too. I'll be ready to learn from them and use that knowledge moving forward.

Cheers! 

Rick

@Kayla Boyer congrats on getting ready to make the leap! It's fun, nerve wracking, exciting, etc etc! Lots of great advice so far. What I really like about your situation is that if things don't go well with the purchased rental property you always have the ability to move in yourself and stop paying rent to someone else. Seems like a fairly solid plan B with minimal risk on the downside! best of luck and hope it works out!

Rick

I think this would be highly dependent on the area the house is located. If I was you, I'd look up transactions for like homes in the area you're considering doing this. What does an average house of that size (#bedrooms/#bathrooms/sq ft) sell for? Your goals will be a large part of the equation here as well. Are you looking to generate cash short term to use for more acquisitions? Or do you want steady long term cash flow? 

Welcome Blaise, NH is a great place to invest and live! I'd look at Nashua in your situation, especially if being south is important to you. If you're looking for a more interesting place to live, I'd recommend the seacoast area. Both nashua and seacoast have good proximity to Boston (if that's important to you). Seacoast has some great towns and lots of great restaurants, breweries, etc etc. If that's not a hot button for you, Nashua has a lot to offer as well. Good luck!

Rick

As most said, it will depend on your goals. I'm a NH resident for 40 years and have lived in the southern portion of the state most of my life. I operate businesses in Nashua and Concord. Started purchasing commercial multifamily units this year and primary targets are Manchester and Nashua, based on population and location of employers in the state. There are some good secondary markets around Manchester and Nashua as well as Concord too. Best of luck!

Rick