Newbie from Manchester, NH

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Newbie from Manchester, NH

Joe Pearson
Manchester, NH · Member since 2019 · 45 posts · 12 votes

Hello!

I'm Joe Pearson, a full-time software engineer and a hopeful buy and hold landlord aiming for the Manchester/Nashua, New Hampshire (NH) area. My goal is to purchase a multi-family (probably duplex), or maybe a single family, in the Manchester or Nashua area by the end of 2019. Then, in Oct. 2020 I'm getting married! So, right now I'm working with a realtor and mortgage broker (aiming for FHA Loan) and planning a wedding.

I've been rapidly consuming podcasts, blogs and various other internet sources over the past few months and I've been hearing Brandon talk about introducing yourself here, so I thought I'd give it a go!

I think the thing I'm most terrified about is buying a multifamily and having my dog bark every few seconds at any noise because the houses in Manchester and Nashua were built in the early 1900s, so they probably won't have great sound proofing, but there are some older multi-families for rent that allow dogs, so I'm not sure.

Also, another fear is that we want to move out of Manchester/Nashua within the next few years and continue to rent out the multi-family. So, I'm just scared that I'm aiming high and will shoot myself in the eye, or worse my family. Oh, also we have ~150k student loans.... >.>

Anyone have a crystal ball?

-Joe

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Mary D.
Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
7y

Welcome Joe!

There are some multi families in this area that have 2 homes on one lot. Not many but its something to keep an eye on. Also If you buy right and have at least 10% ROI. You will have nothing to worry about. It sounds like your plan is to only live there for a couple of years at best. Keep that the focus and look ahead of where you want to end up at. Fear will guide your choices if you let it.

2 great books that have helped me, actually 3... You may have heard of couple of these :). I have read these multiple times to keep my focus... Rich Dad Poor Dad & Cash Flow Quadrant - Robert Kiyosaki. This one is new to me & am practicing this awesome ritual. Miarcle Morning - Hal Elron. Podcasts157 & 284 are great!

Hope this helps!

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  • Matthew Stanizzi
    Hollis, NH · Member since 2018 · 60 posts · 43 votes
    7y

    Welcome Joe. If your soon to be wife is on board with being a land lord I would definitely look at house hacking for the next few years. Look for 3 or 4 Units that your can get into for low money down using an FHA loan. Best part is if you're the land lord your dog is most likely going to be allowed.

    I’m from the area and would be happy to talk more.  

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    Thank you, Matthew!

    My wife is on board, but only my name is on the title and I'm the only one landlording. She's dealing with fibromyalgia and her masters degree.

    My concern with my dog isn't that I can have him in our unit, it's that I should. I'm worried that if it's an older house he'll constantly bark because he can hear everything in the other units.

    -Joe

    0Reply
  • Chris R.
    Rental Property Investor · Southern NH · Member since 2017 · 87 posts · 100 votes
    7y

    Hey Joe...welcome to the club!  Agree with Matthew 100%...if you can hack the next few years, you’ll be financially ahead of most people before you know it.  I only wish I’d found BP at its inception!  Anyhow, there will be a thousand of those ‘what if’ anxiety producing questions in your head as you go down the real estate investing rabbit hole...I’ve found them to be plentiful ha!  Good luck and if I can assist, feel free to reach out.

    1Reply
  • Will Stewart
    Investor · MA · Member since 2014 · 164 posts · 114 votes
    7y

    Hi Joe, I have two dogs of my own and had similar concerns when we moved into our most recent house with a detached rental unit in back from our old home, which was set on an acre of land with no one around. The dogs will adapt. 

    As for student loans. You have to live somewhere. Living in a unit of a 3 or 4 family is the best way to minimize your housing expense to help you pay those down fast. Get your first deal under your belt then re-asses whether it makes sense to pay them off aggressively or continue investing. 

    1Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    Will & Chris,

    Thank you! I tend to get wrapped around the axle about what-if questions and knowing neither of you thought having dogs in a duplex would be bad eases my concerns. 

    Also, even if the worst case scenario happens and I get a really bad house I can always fall back to living with the in-laws who are nearby, they have the room and they'd take us in, in a heartbeat. 

    -Joe

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    Welcome Joe!

    There are some multi families in this area that have 2 homes on one lot. Not many but its something to keep an eye on. Also If you buy right and have at least 10% ROI. You will have nothing to worry about. It sounds like your plan is to only live there for a couple of years at best. Keep that the focus and look ahead of where you want to end up at. Fear will guide your choices if you let it.

    2 great books that have helped me, actually 3... You may have heard of couple of these :). I have read these multiple times to keep my focus... Rich Dad Poor Dad & Cash Flow Quadrant - Robert Kiyosaki. This one is new to me & am practicing this awesome ritual. Miarcle Morning - Hal Elron. Podcasts157 & 284 are great!

    Hope this helps!

    2Reply
  • Dieggo Goncalves
    New to Real Estate · Marietta, GA · Member since 2018 · 169 posts · 40 votes
    7y
    Welcome to BP Joe! Great resources here!
    I am in the same process, hopefully buying my first house hack in southern NH this year. 
    3-4 unit multis make more sense in NH because of the property taxes. 
    Hope to see you at the NHREIA meeting tonight in Manchester. 

    Best regards,

    Dieggo Goncalves.
     
     


    Originally posted by @Joe Pearson:

    Hello!

    I'm Joe Pearson, a full-time software engineer and a hopeful buy and hold landlord aiming for the Manchester/Nashua, New Hampshire (NH) area. My goal is to purchase a multi-family (probably duplex), or maybe a single family, in the Manchester or Nashua area by the end of 2019. Then, in Oct. 2020 I'm getting married! So, right now I'm working with a realtor and mortgage broker (aiming for FHA Loan) and planning a wedding.

    I've been rapidly consuming podcasts, blogs and various other internet sources over the past few months and I've been hearing Brandon talk about introducing yourself here, so I thought I'd give it a go!

    I think the thing I'm most terrified about is buying a multifamily and having my dog bark every few seconds at any noise because the houses in Manchester and Nashua were built in the early 1900s, so they probably won't have great sound proofing, but there are some older multi-families for rent that allow dogs, so I'm not sure.

    Also, another fear is that we want to move out of Manchester/Nashua within the next few years and continue to rent out the multi-family. So, I'm just scared that I'm aiming high and will shoot myself in the eye, or worse my family. Oh, also we have ~150k student loans.... >.>

    Anyone have a crystal ball?

    -Joe

    0Reply
  • Christopher Freeman
    Rental Property Investor · Keene, NH · Member since 2018 · 114 posts · 73 votes
    7y

    Greetings from Keene, NH and welcome to BP!

    I agree with the comments above urging you to consider house hacking. One thing to consider is that New Hampshire has more stringent non-discrimination laws than Federal as pertains to owner occupants. You're only exempt in owner occupied buildings up to 3 units in NH (4 units federal).

    Why does that matter? It might or it might not. Hopefully you don't have discriminatory attitudes toward any particular demographic, but there are also realities to sharing walls, floors, and ceilings with other people. For example, you might prefer not having children in the room directly above your bedroom (or on the other side of a thin wall where the sound of a screaming child might set your dogs off). In a 3 unit building, provided you don't own more than 6 total rental units, you are within your legal rights to decide that you don't want children living above you. In a four unit building that you are owner occupying, or if you owned more than 6 total rentals, doing so would be illegal discrimination.

    2Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    Mary, CoC ROI, like what Brandon talks about with his 4 square method for calculating rentals? BP Podcasts 157 & 184? Rich Dad, Poor Dad definitely seems to be a strong favorite around here. I'll check them out soon!

    Dieggo, I'm planning on going!

    Chris, I don't have discriminatory attitudes towards anyone. Definitely good to know that I can decide that.

    Thank you, all!!

    0Reply
  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @Joe Pearson

    Welcome to Bigger Pockets.

    0Reply
  • Chris Luksha
    Contractor · Jaffrey, NH · Member since 2016 · 102 posts · 14 votes
    7y

    welcome Joe. Not sure of you've been yet, but the nhreia meeting is tonight at the best western in Manchester.  Check it out if you have time. Lots of good resources there as well.  Sorry so short, posting on the fly :)

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    Welcome to the property investment game. 

    I'd LOVE to see a list of the podcasts, blogs, and other internet sources - it'd be awesome if you just copy/pasted them all into a text file, and uploading it (or sending it out). THE BEST would be to create a Google DRIVE spreadsheet -that then is opened to trusted people for updating. 

    IMO, your dog definitely needs to (be trained to) not bark - regardless of the building it's in. 

    With regards to allowing pets - we allow pets, but we charge extra security deposit on top of the original deposit.

    With regards to sound deadening - look into spray foam or packed insulation; I prefer spray foam. (There are two types - closed cell spray foam and open cell spray foam; closed is waterproof and fire resistant - open is not and is not). You'll get insulation and sound deadening.

    Financially - the BEST part about getting the multi-family is:

    1. you can put yourself  in the SMALLEST unit - and maximize your rent
    2. that will minimize your total expenses to the maximum extent
    3. which will help you the MOST with your debt, and getting started off in life.


    For all that are reading my posts, I'd love to connect here at BP

    We're just now moving back to the USA (me, my wife & kids) - back to the Conway NH area.

    We've 4 properties in the Conway NH area - and am trying to buy another house here now. Additionally we have properties in China and in Thailand.

    Also, here in Conway NH / Fryeburg ME we are building a property management company ... and a "green" focused construction company; yes I've run/built a very successful construction company focusing on roofing (residential and commercial - and focused on reducing energy costs via roofing).

    So if you're looking forward to meeting/discussing with someone interested in:

    • property management
    • investing in projects
    • construction (from general to geothermal air heat, solar electric, hydro electric)

    then just add me.

    Finally - I'm trying to decide if I should buy the BP membership

    Did you?

    Here's a question about it - trying to get people to leave their thoughts. It'd be great if you left thoughts there - i'm trying to get more replies - so that more people leave their replies too.

    https://www.biggerpockets.com/forums/311/topics/67...

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    <blockquote>

    Originally posted by @Mary D.:

    <snip>

    2 great books that have helped me, actually 3...<snip>... Rich Dad Poor Dad & Cash Flow Quadrant - Robert Kiyosaki. This one is new to me & am practicing this awesome ritual. Miracle Morning - Hal Elron. Podcasts157 & 284 are great!

    </blockquote>

    I love knowing what others work on ... I've not heard of Hal Elron... I'll search for him!

    For all that are reading my posts, I'd love to connect here at BP

    We're just now moving back to the USA (me, my wife & kids) - back to the Conway NH area.

    We've 4 properties in the Conway NH area - and am trying to buy another house here now. Additionally we have properties in China and in Thailand.

    Also, here in Conway NH / Fryeburg ME we are building a property management company ... and a "green" focused construction company; yes I've run/built a very succesful construction company focusing on roofing (residential and commercial - and focused on reducing energy costs via roofing).

    So if you're looking forward to meeting/discussing with someone interested in:

    • - property management
    • - investing in projects
    • - construction (from general to geothermal air heat, solar electric, hydro electric)

    then just add me.

    You can find me on Linkedin by searching for Parker Fairfield

    Finally - I'm trying to decide if I should buy the BP membership

    Did you?

    Here's a question about it - trying to get people to leave their thoughts. It'd be great if you left thoughts there - i'm trying to get more replies - so that more people leave their replies too.

    https://www.biggerpockets.com/forums/311/topics/67...

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    I guess I can't "quote" text - to help clarify replies to separate sections of others' posts.

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y
    Originally posted by @Chris Luksha:

    welcome Joe. Not sure of you've been yet, but the nhreia meeting is tonight at the best western in Manchester.  Check it out if you have time. Lots of good resources there as well.  Sorry so short, posting on the fly :)

     Man - it'll take me 2hrs to get there ... and I JUST see it now

    How long does it run? Seriously considering driving down

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    Hey Parker! Yes I did buy the PRO membership. Its worth every penny! you can use the flip, BRRRR, multi... calculators which are awesome!!! And yo get to listen to any and all recorded podcasts, the money podcast & webinars. Also have access to a bunch of valuable tools.

    Shoot me a message, Im am looking for property in Jackson NH. And also come from a family of builders, masons, contractors. I am always interested in green, geothermal, solar, off the grid...

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    Hey Joe,

    Glad to be of any help!

    Podcasts157 & 284 Hal Elron & David Osborn.

    0Reply
  • Mary D.
    Rental Property Investor · NH · Member since 2015 · 76 posts · 16 votes
    7y

    And yes like Brandon Turner talks about... The PRO membership has amazing calculators that will tell you exactly what the Return On Investment ROI will be when you plug in your numbers.

    There is a webinar coming up in 35 minutes

    "3 Steps to Financial Freedom (Through Rental Properties) in 10 Years Or Less! " Jump on board!

    0Reply
  • Chris Luksha
    Contractor · Jaffrey, NH · Member since 2016 · 102 posts · 14 votes
    7y

    Sorry @Parker Fairfield I didn't see your response until now as I was on the road.  The meetings happen monthly at 6:30 to 8:00. or 8:30.  I don't know when it officially ends because I don't usually leave for some time :) You can get more info at www.nhreia.com  

    I am an hour away myself.  I hope you made it. If not, there is always next month. It's a great resource. you can chat with @Matt Lefebvre. He can give you some good insight and would be a great resource for you as well in looking for some properties.

    Blessings,

    Chris

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    Holy crap, that's alot of feedback! Thank you, everyone!! I will respond in more detail soon. 

    I did attend the NHREIA today and it was phenomenal and i was definitely engulfed in fear, so i didn't say anything about me looking to buy. But, i did stay until 9:45 talking to an awesome landlord. 

    -Joe

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    https://www.biggerpockets.com/forums/571/topics/673660-302-and-16-club-from-bartlett-bridgton-brownfield-tamworth-and-back

    0Reply
  • Ann Bellamy
    Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    7y

    @Parker Fairfield, since you have property in NH, and are looking to be a property manager, you should be aware that NH laws do not allow you to collect more than 1 months rent and 1 month security deposit up front.  No pet deposits are allowed, without exception.  No more than 1 month rent and 1 month security.  That is why so many NH landlords collect additional rent each month instead of additional security deposit.  

    Are there landlords doing it improperly?  Yes, even some of the large complexes.  Will it backfire if they end up in court?  Yep.  So now that you know, you can look it up in the RSAs online at NH.gov, and fix it.  Especially if you are going to manage property for others, and you have posted this publicly.  Good luck, it's an easy fix.

    0Reply
  • Joe Pearson
    OP
    Manchester, NH · Member since 2019 · 45 posts · 12 votes
    7y

    @Parker Fairfield, We certainly could make a Google Drive or Dropbox or other spread, I'd just get worried it would become very opinionated, bulky and a timehog. I'll make another reply later when I'm on my personal computer with my bookmarks. Yeah, my dog's anxiety is something we are constantly working on. I get charged $50 per month for having 1 dog, so I'll continue something like that. 

    I am very concerned about sound transmissions thru drywall, or rather the STC rating, but it's not a matter of how to deafen sound transmissions more so than what is already there, because I obviously do not want to tear down the walls. I guess my only real point of reference is if any current tenants have dogs or children and to hope for the best.

    I feel like you copy-paste that everywhere as your "signature" ... I haven't bought the BP membership, yet.

    @Mary D., The rental calculator is the biggest pull to get the membership, but really I only want the membership until I get my first place, then I want a refund for the remainder amount of the membership, which I'm assuming I can't get.

    @Chris Luksha, I was actually fumbling around with some of the bugs on the nhreia.com website, so I ended up simply Googling to figure out about non-members and exactly where it was.

    -Joe

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y
    Originally posted by @Ann Bellamy:

    @Parker Fairfield, since you have property in NH, and are looking to be a property manager, you should be aware that NH laws do not allow you to collect more than 1 months rent and 1 month security deposit up front.  No pet deposits are allowed, without exception.  No more than 1 month rent and 1 month security.  That is why so many NH landlords collect additional rent each month instead of additional security deposit.  

    Are there landlords doing it improperly?  Yes, even some of the large complexes.  Will it backfire if they end up in court?  Yep.  So now that you know, you can look it up in the RSAs online at NH.gov, and fix it.  Especially if you are going to manage property for others, and you have posted this publicly.  Good luck, it's an easy fix.

    Ann, 
    Thanks so much! I just started studying for the real estate license - I'm sure that's in there.  I'll review the RSAs and then review my existing leases and modify them. 

    Thanks!

    0Reply
  • Parker Fairfield
    Rental Property Investor · North Conway, NH · Member since 2016 · 104 posts · 26 votes
    7y

    @Joe Pearson 

    Joe wrote: We certainly could make a Google Drive or Dropbox or other spread, I'd just get worried it would become very opinionated, bulky and a timehog.

    ...paf... Totally understood on the timehog; just seems that there's so much info that gets repeated. Knowledge Management tools is something I was trying to replicate by putting info into Drive.

    Joe wrote: Yeah, my dog's anxiety is something we are constantly working on. I get charged $50 per month for having 1 dog, so I'll continue something like that.

    ...paf... Dog's are awesome, and oh so difficult when they are anxious. Ours, in China, is that way. We just tried to introduce her to the sounds and kept her calm during the sounds - and gave her treats after the noises when she was quiet(er). Worked well over time.

    Joe wrote: I am very concerned about sound transmissions thru drywall, or rather the STC rating, but it's not a matter of how to deafen sound transmissions more so than what is already there, because I obviously do not want to tear down the walls. I guess my only real point of reference is if any current tenants have dogs or children and to hope for the best.

    ...paf... I spent a lot of time loooking into the spray foam - it's something I haven't done yet (now that I'm in the USA I'll be able to visit other units.)

    Joe wrote:I feel like you copy-paste that everywhere as your "signature" ... I haven't bought the BP membership, yet.

    ...paf... Yeah. I wish I had two people saying how awesome it is; the last time I subscribed to something in the USA (it was some credit service) I had to cancel the credit card to stop the billing... the 'trial' was seemingly impossible to cancel.

    Thanks for the reply

    0Reply
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