All Forum Posts by: Jaylan Archer

My wife and I built our first STR 'tiny-ish' home during the boom of Covid. It was a great learning process being the general contractor on something we thought was going to be affordable to build and quick to do. A few things were out of our control but we quickly found that just because it is a compact footprint, doesn't necessarily mean it will be that much cheaper to build. We now have a 600 square foot, two bedroom short term rental that allowed our design and creative minds to enjoy every minute of it. We are actively looking to do another in Southern Maine and New Hampshire.

Welcome and congrats on being licensed in both states! 

Definitely helpful to have when buyers are jumping the border and we have definitely been seeing a lot of that. I am licensed in both Maine and NH, but it should be an interesting 2023 in regards to seeing if the trend of out of state buyers continues. 

Congrats on the purchase Patrick! Dover is an incredible market for both cashflow and appreciation. 

I agree with Mitch above! It is so hard to tell someone where they should consider without knowing much about them. 

Family, friends, jobs, recreational activities all need to be considered before recommending any specific areas. If they do want to be around more Spanish speaking individuals, the cities in NH might offer that but definitely not the rural areas or further north. Nashua, Manchester, Concord could be considered. If they want more of a rural feel but still close to amenities NH is a great place to live. Especially considering the no income tax (you just make up for it in property taxes)

We do have some great growing cities, amazing schools (public and private), the white mountains, skiing and beaches so I would say NH typically has more of a draw for those looking for recreational activities. 

Hey Sarah!

Very nice. Sounds like you are cruising right along with your STR portfolio. I have personally used Provision Wealth. They were phenomenal in regards to tax advice and real estate planning.

Here is their website.

https://www.provisionwealth.co...

Hey Katherine! 

Sounds like you are headed down the right track. I do own a STR in York County, Maine that I am pleased with and am a real estate agent out of Portsmouth. Like others have said - I do see a drop off in the winter months. We use it as a STR year round and choose not to place a tenant longer term through the months of October to April.

I do think that the North Conway/lakes region market is a hidden gem in New England commanding year round demand with all of the attractions it offers. Because most of the people visiting Kennebunk/Wells/Ogunquit and York are coming because of the beach, rentals do die off after September. There are quite a few restaurants and shops that close up for the season that doesn't help the draw to the area. 

Portsmouth, NH is a good year round draw and the shipyard as far as an employer does also help for someone looking for a more medium term stay. From experience, unless you want to put a longer term tenant in place from October to say May, I don't think you will experience 80% occupancy along the seacoast of Maine. 

Happy to connect if you have further questions!

Hey Heidi!

I am a real estate agent in Southern Maine and NH and own a STR as well. I definitely recommend the lakes region of NH like you said. The year round activities lend itself to a draw year round and therefore STR are very popular and booked. I do concur with others as far as price point - it might be hard to find something in the lakes region that works right off at $350,000. You will likely be purchasing something that needs some work.

A few other markets to consider would be Hampton, NH for a beach community. A very nice draw here in the summer months with great beaches, the strip, restaurants and a few concert venues. York, Wells, and Ogunquit Maine are also great retreats but also fall under more of a summer draw. 

Would be happy to connect and help you on your search if I can. 

Hey Thomas!

I'm a real estate agent and investor that owns in Southern NH and Maine. 

I am frequently working in Rochester and Somersworth and have found those two markets to be very similar, cash flow markets. 

Happy to connect with you and answer any questions you have on it. Feel free to message me. 

Hey Patrick! 

Congrats on making the decision to jump into real estate investing. You will have a lot of firsts in your new feature, I hope you can take them with excitment. 

I would reiterate what a few others have said. I think your best options for buying something would be a three to four unit. Depending on the market - there are a few towns along the seacoast of NH where a STR can make sense. I have found that they are fairly seasonal with the summer months being where the money for the year is made. Further north you can find a STR that might do better year round.

I would also speak to a lender to learn more about your options. With a little bit of softness in the market this last month - we have been able to get a couple of FHA owner occupant buyers under contract on multi-units. If you are confident that being a property/rental owner is in your future, I would recommend going with a three or four unit. That seems to be where the numbers make more sense and it will also give you a place to live. The property has to be lived in by yourself and can't be more than four units and the minimum down payment is 3.5% for it so you are well on your way to qualifying for a decent purchase price.

Feel free to reach out to me if I can be of any further help. I frequently am working in Strafford and Rockingham counties in NH.

Congrats Scott on putting in some hard work to get to where you currently are. It's good to see some hard work paying off with your savings. 

I would reiterate what a few others have said. Keep working and saving. Finding another job or a better paying job will give you the ability to save more money and advance in your career that much faster - as long as you feel as though you aren't satisfied bringing happiness in the form of one delivery at a time.

I would also speak to a lender to learn more about your options. With a little bit of softness in the market this last month - we have been able to get a couple of FHA owner occupant buyers under contract on multi-units. If you are confident that being a property/rental owner is in your future, I would recommend going with a three or four unit. That seems to be where the numbers make more sense and it will also give you a place to live. The property has to be lived in by yourself and can't be more than four units and the minimum down payment is 3.5% for it so you are well on your way to qualifying for a decent purchase price.

Feel free to reach out to me if I can be of any further help. I frequently am working in Strafford and Rockingham counties in NH. 

I’ve always thought Durhams taxes were high compared to Newmarket and Dover, but the proximity to UNH I’m sure helps with rents.

I would also double check on whether or not you can rent out both units once you do move out. I haven’t worked with Durham on a property with an adu like this before but neighboring towns do require one of the two units to be owner occupied in order to rent it out.