All Forum Posts by: Courtney Kelly

Exploring the possibility of purchasing an investment property or second home in the Lincoln/Woodstock New Hampshire area. It seems that owners of many other similar properties in that area are renting for 185 days or more to avoid the 9% room tax. Curious if anyone has experience in this area. I know some towns have regulations as far as only being able to short term rent a unit for 10-15 times per year. Is it more lucrative to rent for 185 days or more? It seems you could just build the tax into the rate for a STR. Ideally we would purchase a property we could also use but this would limit us if it made most sense to rent for a full winter rental. Also curious if anyone has experience in renting a unit in the summer for 185 days, then STR in the winter? I imagine you just pay tax on the short term rentals. Appreciate any input! Thank you.

Thanks, Mason! We live on the Cape and have also considered getting into the STR area on the Cape too. We are just starting to explore this as an option as we initially intended to buy a multi family and rent it out on a long term basis.

We have been looking to purchase a multi family in Massachusetts for the last year but unfortunately (after about 10 offers) have still not been able to secure anything. Considering changing gears and purchasing a second home or an investment property in the Woodstock/Lincoln NH area. We spend a lot of time skiing in that area and are considering a property that we could both use and rent out. Looking for guidance on this. From what I understand the second home interest rates and down payment required are lower- and we would qualify as long as we used the property for 14 days per year or 10% of the total time we would rent it. I would appreciate any input from someone who has done this in terms of tax benefits, preferred lenders for a second home, and any input on having a second home in another state from your primary residence. Thank you!

We are under contract for our first multi-family investment property. We asked that the first floor be delivered vacant, as it is not lead compliant and there is a family with children under age 6 living there. We are prepared to de-lead that unit. We were told and referenced the mass.gov state registry that the second floor unit is lead safe. However, we just learned that the inspector that certified it years lost his license, has no record of it, and neither does the local department of health. Somehow the certification made it's way to the mass.gov website, but that is now inaccurate and it does not hold a valid certificate. The seller does not have the physical piece of paper either, which is apparently required to rent to section 8. I feel naïve, but we have already signed the P&S and are being told that we would have to have it re-inspected for lead on our own. Has anyone dealt with this? We are feeling slightly mislead by our relator. We are being told that the second floor tenant does not have any children, however she does appear to be of child-bearing age. Any insight would be helpful. Thank you!

Wondering if you are still seeing many opportunities for off market deals, more specifically in the multi family space. Our realtor has only brought one to us in the last few months. Just wondering if that is typical, or if there are more off market deals to be considered. I imagine that unless your realtor is the one presented with the off market deal they would be hard to come across? Thank you for your input! 

We have been working with a realtor and are considering placing an offer on a multi family that he is also the listing agent for. Is this a conflict of interest? I trust our relator, however don't know if this should generally be avoided as he has the interest of the seller in mind as well? Thank you for your advice!

Thanks for the reply Dena. I’m finding it challenging to determine the best way to increase rent to current market when it is grossly under market- ideally without losing a good tenant or having to deal with evictions! Appreciate the input!

My husband and I are newbies and are looking for a multi family for our first investment property. After looking at rent rolls on several properties I have realized that the rents most of the units are getting is below market. How do new owners of a multi family typically handle this? I imagine most will purchase the home, and ask tenants to increase their rent over a period of time. Is it safe to assume that if tenants are "at will" that they are section 8? Is this something that is typically asked prior to purchasing? Is it challenging to get section 8 to increase the amount of the voucher to match the increase in rent you are asking? It is seeming to be more cost effective to purchase a property that is vacant so that you can start rents at the market price rather than attempt to increase? Any input would be greatly appreciated! 

Hello,

I am new to analyzing deals using the rental property calculator. I understand why most of the information is needed, however am trying to understand the need to enter in expenses (such as electricity, gas, and possibly garbage) that the tenant would be responsible for. I can understand wanting to save for these for unexpected vacancies, but would it be right in setting these at $0 for the purpose of analyzing a deal if the tenant was paying these expenses regularly? Just want to be sure I'm not overlooking something.

Thanks for your input!

Courtney

I am new to Bigger Pockets and am seeking advice on whether it is better to purchase a multi family or a condo as an investment property. This would be my first investment property. I have read a lot of benefits about multi families, but I do have some reservations and feel that a condo may be the slightly safer option. I am looking in the Cape Cod and Southeastern MA area. Condos are generally less expensive, although have HOA fees associated. Any input would be appreciated! Thank you.