Building/attempting to in NH

[Rick M.]

I’m looking to build a property in NH because there is such a lack of inventory of quads. There have been numerous quads that have sold in off market deals, so I’m obviously talking and associating with the wrong people. I’ve been talking with a few realtors about finding me a quad, and recently I have called all of them back to see if they may have land I can use to build and the reaction was bleak. They aren’t excited at all about helping me. Maybe it’s because they get less commission or just laziness. But I’m at my wits end. I want a property on the Seacoast (Rye, Portsmouth, Dover, Durham or Newmarket – in that order) So I ask the gurus are BP. Does anyone know or have land zoned for multifamily that I can buy on the Seacoast? Please PM me some details, I have cash and am willing to buy.

[Tucker McCarthy]

Hi @Rick M. I don't know a lot about new construction since I haven't done any myself (I am a civil site engineer so I do new construction developments for multifamily housing all the time) but a lot of the new construction going on in NH is higher end SFH and large apartment complexes. I think it's because the cost of construction is high so in order to get a rate of return, you have to build expensive houses or buildings with a lot of units.

I would have to respectfully disagree with @Mike Duran about those being trailer park towns that you mentioned. Rye would be very difficult to build in because it is very wealthy and I don't think zoning allows for much multifamily. If you could build a 4-unit there it would have a huge demand. Portsmouth is similar to Rye but zoning would probably be a lot more feasible. Durham is where UNH is located and I know they have been trying to crack down on multifamily construction because there has been a ton lately, you would probably have an impossible time finding affordable land. Dover used to be known at the "Dirty D" when I was at UNH, but it has been making a turnaround lately. Newmarket might not be a bad market, it's more rural but a lot of UNH students live there because it is much cheaper rent than in Durham. 

I'm certainly not an expert in these areas and I am admittedly new to investing, but I lived in Durham/Rye for 5 years and that's my two cents about that area, hope it was helpful!