All Forum Posts by: Tucker LaClair

Thank you Jessica and Jeff for your insight here!

Tucker

Hi All!

I am starting my land lording journey and am looking for some advise on the most cost effective way to get a legitimate NH lease agreement.  Any replies would be appreciated!

Tucker

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $40,000

2 Br/2 Bath condo in the heart of Portsmouth, NH. Only 10 minutes from downtown and beaches! Great community with pool, tennis courts and walking trails.

What made you interested in investing in this type of deal?

Moving to the area for work and wanted to start renting out my first property that I purchased two years earlier.

How did you find this deal and how did you negotiate it?

Referred to a realtor in the area by my previous realtor.

How did you finance this deal?

Financed through a major bank.

How did you add value to the deal?

New vinyl flooring throughout the condo, new counter tops, painted walls and cabinets.

What was the outcome?

Forced appreciation valued the condo around $250,000.

Lessons learned? Challenges?

Learned about the challenges of possible cash flow through a condo with an added monthly HOA fee. Cash flow will be minimal even with myself managing the property. Going forward I will focus my investments on single family homes and small multi-family properties.

Investment Info:

Single-family residence buy & hold investment in Hooksett.

Purchase price: $221,000
Cash invested: $42,000

Beautiful, well maintained cape with brand new deck and fenced in backyard. Perfect for a young family that is looking to move to the Hooksett/Manchester area. 2 minutes off I-93 and very close to downtown Manchester.

What made you interested in investing in this type of deal?

First dive in to real estate and lived in the home while repairing and increasing the value.

How did you find this deal and how did you negotiate it?

Used a local realtor I was referred to through co-workers. Negotiated with an outside mentor and realtor.

How did you add value to the deal?

Added 16x14 trex/vinyl deck and side entrance staircase. New countertops and sink.

What was the outcome?

Home is now worth about $280,000 three years later.

Lessons learned? Challenges?

I learned how to list, show, screen and lease to tenants. I have had a few minor issues during the first lease year, but found the faster you respond to these situations the happier your tenants will be. My property is in a great location which attracted great tenants. Taking care of them promptly has enhanced their experience.