All Forum Posts by: Andrew Bosco

Hey there! I'm a NH native and investor. There are some key areas to consider. That said, you should hire a local agent investor and do your own due-diligence on town ordinance. Many small NH towns are quite sensitive to STRs and some are outright banning STR if they can at all. Portsmouth and North Conway are two good examples of local politics that are starting to get more involved. Feel free to message me if you need any guidance as I have an STR on the coast of NH. I can tap into my network with buddies who are agents/investors up north.

In this situation, the only different parameter when investing out-of-state or different location comes down to having a reliable / trustworthy PM/Contractors/Trades etc. Do you care if you cash flow in the same state that's 10 minutes away vs. 1000 miles away if you have a trusted team? In my experience, getting that trusted team comes from getting the work done and meeting people. Do some due diligence on local PMs and ask your specific criteria of concern. I would advise to start this locally (even a state away) first and get your hands dirty. 

Hey everyone!

As of the mid-afternoon today, the HUD announced an FHA Loan reduction on PMI. WHAT DOES THIS MEAN? 

Well, I don't know entirely. What I do know is that many FHA homeowners will see their PMI go down, which is stellar. However, does it back date to 2022 as when the bill was first introduced? Is this for only new FHA homeowners? What's the limit? - this I actually know. A potential reduction in $800 per year on PMI (average).

The reason I don't know every answer to each of my questions is because I called my lender and asked - their response was; "We don't know, this just happened 6 hours ago. We will notify you when we find out pertinent information." 

I am ecstatic about this news because I personally bought my first investment property/househack using the FHA loan. I hope this generates some extra attention for prospective investors to use the FHA loan and to save that cash for future deals.

What are your thoughts? Please comment! 

Thank you! Not a grand slam, but just starting out! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $430,000
Cash invested: $50,000

First investment as a house hacker! Tough market as an FHA buyer, but financing fell through the former individual. My fiancé and I jumped at this property, which needed a ton of work. It was a great learning experience that helped to springboard the future!

What made you interested in investing in this type of deal?

Difficult market with low % interest rates. Quantity was not an option. We bought this house because of the neighborhood and the potential for MTR, as well as LTR.

How did you find this deal and how did you negotiate it?

Redfin, worked with our agent and the rest is history.

How did you finance this deal?

FHA and cash for fixes.

How did you add value to the deal?

Gutted the entire house. Renovated two kitchens, two bathrooms and 6 bedrooms. We also added a closet, updated the plumbing and electricity.

What was the outcome?

A beautiful home!

Lessons learned? Challenges?

You don't know anything until you're in the weeds. Just get in there and discover for yourself. Oh, and good trades individuals are worth their weight in gold.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Barristers Title in Manchester was great. Sue Doyon with Coldwell Banker is also superb!