All Forum Posts by: Christian Manhard

Hey @Kevin Conness! These old homes like to scare away a lot of people (More opportunity for us!)but the truth is they are built a lot better than most houses now a days haha and as @Mark H. Porter said don't expect anything to be plumb. I own three properties a 1910 duplex we turned into a triplex, a 1900 duplex, and the newest purchase being a SFH that was built in 1890. I would highly recommend since this is your first purchase that you call some contractors and offer to pay them to come and give you estimates on the property if you don't know what to looking for. An inspector will tell you whats wrong with the property of course but contractors will give you an idea of the work that will need to be done and how serious each issue is.

@Ruth Moynihan Ossipee is great with tax breaks for businesses with it being an opportunity zone. Im sure there is room for long term rentals there but I would say its a little iffy.. I drive through there fairly often when I need to travel south for work (Im located in North Conway) and it seems like businesses come and go pretty often so locking down tenants that have consistent long term work might be a little harder. As @Cody Barna was saying tho the STR market is strong due to what the area is close to snowmobile trails, ski resorts being fairly close, lots of hiking and mountain, also lakes and rivers for the summer. Albany might be a stronger and more reliable area to think about building some long term rentals. Prices are still low there as well! Hope that helps and feel free to reach out im happy to help in anyway I can :)

ADU's only work if one section of the house is owner occupied or else it is considered a two unit which needs (at least in our area) a change of use for the zoning. Im not an expert in the area but this is just what i picked up from doing an ADU instead of a duplex. Hope that helps!

In my opinion if you run the numbers and they still work even at higher rates then i would just go for it. We just refinanced into a 7/1 ARM a while back. I was nervous at first but when we did the numbers for what the ARM rates capped at the numbers still made sense so it kind of became a non issue. I mean don't get me wrong it wouldn't be ideal but worse case situation the math still worked. Hope that helps and good luck!

I personally look for distressed single family homes that could be converted into two units. Usually they are older homes that have a lot of square footage but the numbers don't make sense as a single family. They also need to be on town water and sewer.

Hey @William Kim I live and work in North Conway let me know if you have any questions! I do not own any short term rentals but i do own a long term rentals in the area. I have a long list of great contractors, agents, ect.. always happy to help! 

The compensation you get right off the bat might not be enough but the skills and knowledge you will gain from working with a good property management company will be priceless on your journey to investing. In my opinion any job that is within the RE industry will be beneficial for your long goal. I'm a contractor and I find even from just the connections you make in your industry help so much. You will deal with contractors, agents, and tenants in your work place so create relationships then all you need to do is find your own property and you got your team in place! hope that helps!

@Patrick Kelly we have a small one in North Conway by that we started a couple months ago! The next one will be scheduled soon

https://www.biggerpockets.com/forums/12/topics/812515-buying-multi-family-in-college-towns?highlight_post=4772481&page=1#p4772481

I just saw this post yesterday! It seems like there are some good people to connect with in this post. I have been looking into college rentals and still trying to find one in an area that works for me. It looks like a great market to jump into!

Hey Thomas! I have been looking into multifamily college rentals as well. A lot of people I feel don't like the idea of them because college kids tend to do more damage to the properties. I like to look at it this way: 

-Higher rent than you would get as a equivalent normal rental

-Consistent renters (i don't see kids not going to college any time soon)

-Parent co-signers

-Leave time for turn over each year and stock up on lots of doors and drywall (expect damages but run your numbers higher)

-Do your regular screening 

Hope this helps!