All Forum Posts by: Megan Frank

There is also a meetup at the Church in Dover, NH on the 2nd Monday of the month. My husband and I have house hacked a condo and 3 duplexes in Tri Cities and looking to move to another soon. I would also like to know more about the rehab process. The NHREIA had a rehab bus tour on 3/31 where an experienced investor showed 3 actual properties on the MLS and went through the scope of rehab and costs. We did not go but it looks like it sold out and they are scheduling another one. Something to watch out for. Non members price is $75. I have never been to the NHREIA meetups. I would be interested in knowing if people find it worth the membership fee ($99).

@Laura Cardenas Welcome Laura! My husband and I went the same route as you and have been house hacking. We have 3 duplexes in Roch, somersworth, dover and a condo and we are hungry for more! If we can help at all we'd be glad to or if you want to meet and chat real estate I'm in! Currently living in Rochester, so very close.

@Nate Wilson We did not end up investing in Plymouth or student housing yet. We house hacked a duplex in Rochester instead and plan to convert the 2 bedroom unit to 3 bedrooms to add value. Did luck!!

We used to use Vermont Mutual and now use Ohio Mutual - all duplex properties in NH. No problems, not lead certified and the oldest one was built in 1901. Good luck! You should be able to find a company that won't give you the run around. 

@Wayne Brooks Thank you for pointing that out! I just googled about it and learned something new too. We have FHA loan from early 2013 so we can remove the MIP from our loan but apparently that is no longer the case. This article explains the difference between the 2 https://www.investopedia.com/ask/answers/071614/wh...  

Sorry for pointing you in the wrong direction @Nicholas Gray

As far as I know, the MIP is not tax deductible. When you move out of the property, or even before, you can contact the lender and find out what you need to do to remove the mortgage insurance premium. In our case, we needed the MIP because we did not have enough for a standard 15-20% down payment at the time of purchase. I can contact the lender at anytime and have an appraisal done to pay off the difference so I have 20% equity and the MIP goes away or I can pay the MIP until we have 20% equity of the original purchase price. I would utilize the rental property calculator on BP to figure your Cash on Cash return using the lower down payment including MIP and then again using the higher down payment with no MIP to determine which is best. Don't forget that by doing the higher down payment you have to factor in the cost of using the extra money which could technically go into another rental property or different investment. No matter what you have to be able to sleep at night so if putting additional money down allows that then go that route. Everyone has a different risk level so that is a big factor. Where is the 4 unit? There are so few around here you have me very curious! Good luck!

Hey Ron, my husband and I are house hackers in Southern NH. We would be happy to connect and exchange advice. We are relatively new, but always looking to meet locals and share advice and knowledge. Definitely go multi-family as finding a cash flowing single family would be near impossible in the area unless you look into student housing in Durham, etc. Sounds like you almost have your house paid off so a home equity loan could really put you in a great position to invest. $20-25,000 really won't go far around here in multifamily unless you are house hacking because you generally have to put 20-25% down on a multi if you are not living in it (you only need 3.5%-15% for owner occupied). Of course if you can find an opportunity to get owner financing, etc that might change the picture. Reach out if we can help and best of luck to you!!! 

We are able to get higher rents in Somersworth. We own a 2 bedroom single family home that has a detached 2 bedroom garage apartment. We rent the single family for $1650 and the 2 bedroom apartment for $1400 and only pay water and sewer. We do all our rentals pet friendly and they fill up fast. The house and garage do have a very large yard and each have a garage space. It is only about a mile from the edge of Dover so that does influence the rental rates as well. In Rochester I suspect these would rent for much less, probably $1450 for the single family and $1150 for the apartment. 

Hi Nick,

Welcome to Biggerpockets! My husband and I are local investors and have properties in Dover, Somersworth, and Rochester. Taxes in Somersworth can be a challenge, but the rents are higher than in Rochester and decent properties are very easy to fill. The rental property calculator on this site is great for figuring all that out. We attend the Seacoast REI meetup sometimes and it is worthwhile. If you have any questions, feel free to reach out. Good luck to you!

Go for it! Listen to some podcasts, read a couple of books, and take the plunge. Hopefully it will buy your time back, so you can be around more for the kids. My husband and I are in Dover, about to move to Rochester, and are house hacking our 3rd 2 family home. Check out the rental property calculator on this site (I think the first 5 are free if you are not a member). If you are looking to invest locally, you might have a hard time getting single family homes to cash flow. The prices around here right now are very high, but thankfully rents have skyrocketed too. We have a property in Somersworth that is a single family home and has a detached garage with apartment off of it. People love the property because it is basically like 2 single family homes on 1 lot. Those don't come up often, but they do once in a while and tenants will line up to get in one. If you want to chat sometime, message me. Good luck!