I did it! Bought my first multi!

[David Lewis]

Hi Guys - wanted to share a major accomplishment, today I had an offer accepted on my first multi-family!  It's a 2 family in Dover, NH just a short drive from UNH.  Dover is a very up-and-coming area, the town is investing in creating a River Walk with restaurants, bars, etc. that have outdoor seating.  It's about 20 mins from Portsmouth as well, another popular destination in NH.  

This has been a goal of mine for 10+ years.  Like many others I was stuck in the "paralysis by analysis" phase but made it a goal to actually do something by end of Q2 2025...I'm several months ahead of that deadline!

A big shout-out to the Bigger Pockets podcast and the folks on this forum who coached/encouraged me.  

[David Lewis]

Quote from @Robert Dandaraw:

Congratulations David.  I'm also in MA and have been stuck in paralysis mode for years.  Everything's too expensive, interest rates are too high, numbers don't work, etc.  Can you recommend which podcasts / blogs helped you to pull the trigger?  I would love to know what other towns you were considering and why you ended up in Dover?

Hi @Robert Dandaraw - I'd definitely recommend listing the Bigger Pockets main podcast as well as Real Estate rookies.  Both are available on the the through the Apple Podcast store or wherever you get your other podcasts.  I tended to focus on episodes that had guest speakers like me - someone who might be newer with say 5 or 10 units vs. these moguls who have 20, 30, 50 units. 

Regarding markets - I started looking in Greater Boston so Medford, Everett, Somerville, etc. but came to your same conclusion that it was way too expensive.  I decided to zoom out beyond Boston and spoke to real estate agents in other markets.  I immediately ruled out Worchester and Merrimack Valley.  

Southern NH peaked my interest though - this wasn't an area I was considering before.  Here's why its interesting:

1/ Houses tend to be MUCH cheaper than Greater Boston so the barrier to entry is lower.  My duplex cost me $620k and requires only a small amount of cosmetic work

2/ With remote work more people are moving to NH because they don't need to go into the city as much

3/ Some people are sick of MA politics so want to move to more conservative NH

4/ There is a housing shortage in NH.  Statewide vacancy rate is <1% whereas the national average is 7%.  There is such a shortage that state government is giving tax breaks to developers to build more multiplexes 

As far as specific towns I'd say Nashua, Concord, Manchester, Durham (where UNH is), Dover (right next to Durham), Portsmouth, Seabrook, Salem, Exeter and Hampton.

I chose Dover because its a mix of students from UNH and young professionals.  It's 15 mins to the campus and 20 mins to Portsmouth.  There is a nice downtown there with bars, restaurants, breweries, and coffee shops.  They're also investing in building a River Walk with outdoor dining.