All Forum Posts by: Joseph McGranaghan

We need to connect. My name is also Joe McGranaghan and I live in NH and I love real estate! What’s your contact info?

Jacob, here's the short story on NH property tax. Because we have no income or sales tax, town cost including schools are mostly paid for through property tax. So each town is different. If you buy in a town with some high end homes such as lakefront homes, or cities with a lot of business, the tax rate will be less. If you buy in a smaller populated town that doesn't have much for high end or industry, tax rate will be more. State wide it varies from about $15.00 per thousand to $40.00 per thousand- rough numbers. All that being said I agree with the others that it's more about the deal than it is the taxes, all though they are a part of the annual expenses.

Hi Jakob. I live in NH and have owned a couple different multies here. Property taxes are an issue here but depending on where you buy, rents more than make up for it- if you buy right. I'm also a licensed agent in NH so if you like to talk more let me know.

Hi Benjamin. Welcome! I'm right across the border in NH if you want to connect. Congrats on the purchase of the 3 unit!

Hi Ray. Welcome to BP. So glad to here there is a REIA in Portsmouth! I'll be there.

Agents and investors alike need to listen to Super Agents Live podcast #261 with Todd Miller. He's the creator of a new very useful app called Homing In. Listen to the whole podcast to get the best explanation but long story short it could be a very useful tool in lead generation!

Hello Ross. I've lived in NH my whole life is be happy to help in any way I can.

$5,000.00 per unit for heat and electric.

Hi Kevin. In New Hampshire, where I am, we run into the same situations with older converted SFH to 2,3,and4 unit buildings. In our climate, as yours I assume, its definitely worth separating utilities. When running numbers to buy a place, I plug in$5,000.00 per unit to separate. This might sound steep but in my experience that's what it usually ends up being by the time your said and done. Best wishes!

Joe

Nice score Amanda! In my opinion you didn't get hurt at all with this purchase based on the numbers you posted. I am a contractor in New Hampshire so I cant speak specifically to your city or state but what I can suggest is before spending a dime in rehab money check with your city building codes department and see exactly whats allowed. This will tell you weather you can tear it down and rebuild it as is or you may have to leave a part of the existing structure to be able to keep it a fourplex. The city kind of controls your next move here. Even if they only let you put a duplex back on the property, and it cash flows for you, sometimes new construction cost are less expensive than rehab cost. I met a investor from CT who was tearing down homes and putting prefabbed modular homes on the existing foundation. You can get them designed any shape and size you want now, may be you can even get a duplex, I've never looked into it. Good luck!

Joe