New Member from Portsmouth, NH

[Colin Reilly]

Hello BP!

My name is Colin, I’m from Portsmouth, NH (Seacoast region). I’ve been a part of a number of forums in the past, but the BP community is unique. The encouragement and user support is something other forums should look to emulate. I thought it was about time I make an introduction so that I can start engaging with all the wonderful investors out there. 

I first stumbled into real estate last year when I purchased a condo (in a 120 year old building) in Portsmouth, NH in need of serious repair. I fell in love with the design aspect of the renovation. The steps of accomplishment along the way were truly gratifying. Transforming a living area from poor to breathtaking is a process I want to continue over and over again. My goal is to purchase a multi-family house in the seacoast area this year. I welcome a project that needs repair; I feel I can create a large value-add to houses in rough shape. I’m a buy and hold investor at heart, looking to build a self-managed rental portfolio in the local area.

The markets I've been targeting, Dover, Newmarket and Portsmouth are exceedingly "hot" right now. I have a ritual of analyzing every potential property that hits the MLS. Seemingly no properties listed over the last two months (with the exceptions of one) provide a reasonable cash flow. The critically acclaimed "2%" rental does not exist and a 1% rental is a rare find. I understand the 2% rule cannot be used in each and every region because of a multitude of variables, but I'm interested in how investors, specifically those in the pricier coastal Northeast regions are finding cash-flowing properties. I'd be interested to hear how investors have managed to expand their portfolio of small multi-family rentals over the last year. Have you had the best success doing mailing campaigns, using a wholesaler or simply using MLS?

Cheers!

[John McRae]

My opinion is that there is still opportunity for a reasonable deal in Dover and Newmarket. You are not going to find anything close to the 2 percent mark...but you can find a property that will provide good cash flow. These are base hits and not the home runs that you hear about on the podcasts. I have been hesitant to broaden my search to somersworth and Rochester...just not comfortable with the quality of tenant.
What are people's thoughts on Eliot and Kittery?