All Forum Posts by: John McRae

really depends on how property is setup.  I got over the phone estimates at $20K.  I decided to not convert to triplex as my money could be used better elsewhere.

@Evan Lowry

Another item to double check is whether you need to sprinkler the building.  I tried to do this in Dover, NH and when converting from a duplex to a triplex, it is mandatory to sprinkler the building.  Very doable....but a major expense.

Yes. Been using Homeaway for last 15 years. And Airbnb for last year. Would be happy to share my experiences.

Have had a vacation rental in North Conway area last 15 years. Would be happy to share my experience.

one thing in vacation rentals that is often overlooked is some of the additional expenses that will be incurred. Furnishings, cleaning charges, NHRooms and meals tax (they will track you down), cable and most importantly Wifi.  People have come to expect reliable wifi when traveling.  Those can add up quickly.  

you can definitely do a conventional loan. Rate will be slightly higher than a primary residence. 

@Craig Power 

Craig - I have been doing homeaway for past 13 years and Airbnb for last 3 in NH White mountain area. You are correct in that finding someone to turn the unit is important but I wouldn't let this slow you down. It's fairly easy to get referrals from other owners once you pick a location. Bigger issue in New England is finding a property with a year round draw. My area has a great pull for winter skiing and summer, but you will find slow months April May and June for example that can kill your ROI. Also property management in a vacation market typically take a huge even chunk of your revenue as they are catering to 2nd home people and not true investors. So self managing is a must.

 Would be happy to talk to you more if you send a PM. 

@Mike Duran

not sure where the trailer park comment comes from.  I do take offense to that, as I live and own several rentals in towns mentioned.

And it's especially concerning coming from somebody who resides in Worcester.

I've inherited a few tenants. Can be difficult to retrain them to new standards/lease. We operated under their previous lease for 3 months which was a little scary. At renewal then transitioned them to our lease. One tenant stayed. The other bailed which was fine. My preference would be empty.

Rick M. Just curious as to why NH? I see you are from out of state and have not come across many people looking to invest here that aren't local. Do you have ties to the Seacoast? I own several multis but have not ventured into new construction. I am thinking that land in town might be sparse for the communities you mentioned. Would be interested in others thoughts.