All Forum Posts by: John L DeVitto Jr

Hey Gavin,

For NH there are some small cities that are doing really well like Manchester and Nashua area. I have started to see Rochester turn for the better, but they do have some bad area like most cities do.

Ma - Lowell, Haverhill, Methuen. I have seen a lot going on in the Fitchburg / Leominster area however I am no expert on those areas out near Worcester. 

I am an investor focused agent in MA and NH, I also invest personally in these areas, so let me know if you would like to talk more about the mentioned areas. 

Johnny

Nice work man! Loved the 1031 exchange method at the end!

Johnny

Hey Peter, a quick answer would be stay away from the tree streets :)! I activly invest in Manchester, so if you have any questions let me know, I would be happy to help. I'm also an agent if you need help looking for a place. I focus on value add properties, so if your looking to househack, thats right up my alley :).

Johnny

Hi @Christina Marmonti, 

Welcome and congrats, you wont look back I promise :). My wife and I are a team as well, she is also in the construction field, she is part owner of a General Contractor Construction Company. We started our adventure, when we remodeled our home in 2012. We built about $250k of equity and used that money to start investing. We would have started out househacking if I knew what I know now, from the Bigger Pockets site. But it was all for the best, we bought at a great time, have our dream home on the lake and built a lot of equity. We took that money out in a HELOC to complete our first flip, to a development, to 9 unit buy and hold and now have grown to 25 units in the matter of a few years. I am now leaving my W2 job and going into real estate full time. I will be focusing on helping others find deals (got my real estate license in NH and MA) as well as looking for my next big projects. This site has so much to offer, I would keep reading, listening to podcasts, and networking. Networking is so huge; as you hear other investor stories, meet others to possibly work with, and more learning. Pints and Properties is a great local meet up event around Northern MA and Southern NH, you should definitely check them out. Reach out if you want to meet up or talk more.

Johnny

Hi @Jason Regan I live and invest in NH. As Evan stated earlier the taxes are higher and the state is definitely more landlord friendly, compared to MA. I have 25 units spread out in Manchester and Newmarket, which are both great markets for rentals and can get the property at a fair price. I have heard Nashua is a great area to invest in as well, if you are looking in that area of NH. I personally property manage all my properties, so I like them relatively close to me (I live in Atkinson NH). Manchester can be rough, but if you crack down on your screening and keep up with the maintenance on your property good tenants will come :). I'm not in the best area, but, I have done some renovations and screen well, which leads me with great tenants, I don't think I have one tenant with below a 720 credit score and make 4x rent. I think NH is a great market and only becoming more desirable after the pandemic. If you want to talk further about investing or expanding into the NH market you can PM, text, or call me.

Johnny

6037700175

I agree with @George P.! It is very easy to set up. I have set up multiple for each property as well as partnerships. Just go to https://quickstart.sos.nh.gov/... and follow the instructions. I would suggest having an attorney to put their info in the Third Field, incase anything legal gets mailed to you it will also go to them.

Johnny

@Dave Dupuis 

My 9 unit just closed on its cash out refi loan today, I got 4% for 25 years. However it was at 70% ltv with this bank due to covid. I used them because I had too, I bought the property last year with them, and to avoid a huge payoff penalty I had to use that same bank for the refinance. BUT they did it! $118k back whoop whoop! So if you go to the right bank they will do a loan for 75% to 80% once your ready. 

@Tyler Halstead Congrats on the property! Well done on finding a way to please the seller more than just with money! Manchester is killing it!

Hey Dave, 

That's great you have saved that much money to put yourself in this position! Great position to be in with the unfortunate news of loosing your job for a short time. If the numbers make sense to you then do it. I like to see a higher numbers on the ROI (+13%), what do they look like if you take out the management? The nice thing about buying cash is you can fix up what needs to be fixed and get the rent up to market rates... then refi once you have your steady job back and that way you can maximize the amount of CASH you get back. It would be like the BRRRR strategy. What's your expected ARV once done with the repairs?

Also run the numbers on what it would look like after you refi. With a duplex (not using FHA) you could get a loan from 85% to 75% LTV. Bring down the repair and cap X % depending on how much work you plan to do to it.

PM if you want to talk more.

Johnny

Nice work Ryan! All depends on how much work the unit needs, but our go to upgrades is fresh paint and vinyl flooring. Love the vinyl floors, relatively cheap, can take a beating (meaning long lasting), and makes the place look a ton better. If I'm doing a decent amount of work to the unit and notice the cabinets could need an upgrade, I will rip them out and put new ones without hesitation. We find we get much more qualified tenants and can raise the rent a decent amount with an upgraded kitchen. (the top 2 pics are 2 different units but same layout, we did put the same white cabinets in that unit on top left, just didn't replace the floor as it was already vinyl and in good shape. The top right pic had stick on flooring that was peeling that we replaces with the vinyl flooring you see). PS I like your choice for counter top ;)