All Forum Posts by: Christian Manhard

My fiancé and I just completed our first BRRRR and cash out refi. We turned a duplex into a triplex making 90k in equity over 15 months. Being a contractor I did all the work (sweat equity) besides plumbing and electrical. So here is my question to the BP community!

Would it make sense to close on our next duplex under an LLC so the LLC could then pay my business to do the work and thus keeping everything in house?

Do we even need to be an LLC to be able to do that and still get the benefits?

My thought process behind this is getting any sort of loan being self employed is a absolute pain (just learned that with our last refi!).. so going about it this way would then add more income to my business along with my normal everyday client jobs. In the long run making it easier to refinance at the end of the project.

I love the process and honestly don’t mind the sweat equity part at all I can honestly say I have not been happier needing to work 17hr days! Just looking for alternative ideas to be able to grow. Sorry for the long winded post it is the first one I have done. Anyways thank you for reading and any thoughts or input would be great!

@Kenneth Silva with 205k I would look at some houses in the area over condos! There are a good amount of places with value add potential in our area. I don't know if long term rentals are on your radar as well but there are slim to here ( this is why my fiancé and I are focusing on BRRRRs in the area). I can't speak much to the STR side of it besides the fact that there is a lot of competition but they all seem to be doing well. Being voted #1 ski town in the US does help haha. Be careful where you are looking tho I know North Conway and Kearsarge have a couple issues with them. I have attended the town meeting and I know one case with an Airbnb is in court at the moment. If you have any more question or anything I can help with please let me know!

PS I am hosting a meet up tonight at 6 at 27 north behind Badger realty if anyone is on the area or interested!

@Noelle Maine the STR are pretty played out in our area. This is a second home community for the most part and everyone is doing Airbnb when they are not up themselves. The long term housing is slim to none tho. Your are able to charge what you would like (within reason) and have pick of the litter for tenants. Let me know if you have any other questions! I also work closely with badger realty in North Conway so if you are still looking for an agent I might be able to help as well!

Best of luck!

Christian Manhard

@Audrius Pauliukonis I will keep you posted on the next one! I would love to do one at least once a month if not twice.

Hey everyone! I'm looking to start a local RE meet up in North Conway, NH. My fiancé and I have recently completed our first BRRRR and are diving into our second one! I would really love to meet with some other investors in the area and see what projects they are tackling, or want to tackle, there thoughts on all the changes happening in the community and how they think it will affect the area in the future, and just meet new people as well! I will be at 27 north behind badger reality this Saturday night at 6pm! If you have any questions or a better time works for you please let me know. I look forward to seeing everyone!

Ps not sure if this is the correct area to post so if not please correct me!

Thanks again,

Christian Manhard

@Ashlee Tracy how did the closing go!? I would reach out to badger realty in North Conway. They work in that area as well and have a in house STR/ vacation rental manager. Hope this helps!

Hey John I live in Conway nh and would be happy to help out! We have a triplex and a newly acquired duplex that we do long term rentals with. Since this is a second home community that people mostly airb&b long term rentals are slim to non. You are able to rent properties very quickly and have your pick of the most quolified tenants. Let me know if you have any questions!

Hey John I live in Conway nh and would be happy to help out! We have a triplex and a newly acquired duplex that we do long term rentals with. Since this is a second home community that people mostly airb&b long term rentals are slim to non. You are able to rent properties very quickly and have your pick of the most quolified tenants. Let me know if you have any questions!

@Renee Yarbrough keep moving forward! Our first deal isn't going as planned either..

The plan was to turn a duplex into a triplex. We meet all the special exceptions the town had for doing so but we learned they make you jump through flaming hoops to do so. Site plan review (even tho the footprint of the home isn't being change) town zoning board and planning board meetings like crazy, the town being afraid that instead of long term housing we will air b&b it, and so on.

Negatives:

- Will probably be about 30k in the hole when we refi

-put an excessive amount of sweat equity into the project

-the stress had me pulling my hair out for months

-spent a lot more money than expected

-taking longer than expected

Positives:

-My fiance can now recite all town codes, laws, and zoning regulations off the top of her head

-I grew my skills as a contractor/ investor

-We made a lot of great connections with people that work with and for the town

-created and actually changed some rules and codes in our town to changing existing housing stock and density of the homes to create more affordable housing

- Established ourselves in the community as people that are trying to help the community and provide nice homes for people to live

- And the biggest of them all I think is we connected with other local inverters!

So once again just keep moving forward and learning and soon those box of chocolates will be a celebratory box of chocolates with a bottle of champagne to go with it!!!

@Donte Handy changing locks should really only take about 30 min for all 3 so unless he install installed pricy locks (raising material price) that's seems a bit high.