All Forum Posts by: Tucker McCarthy

@Dieggo Goncalves great plan to do a house hack! That's exactly what I've done in Milford. The cash flow and tenant pool in Milford is fantastic and very strong. Rents have been increasing and there is no shortage of good tenants. Great place to invest! I'm currently rehabbing another duplex in Milford that I'm going to hold long term and rent out.

Septic in NH is governed by the State not County. $15,000 for such a small house sounds a bit high, but it all depends on what you have for land. A cesspool (or better known as a holding tank) are not allowed anymore and have to continually be pumped, which can be expensive. If you have the land and soil, you can do a simple pipe and stone septic system and it shouldn't be more than $10,000 would be my guess. Still expensive though!

Hi Pete, what areas are you looking in? I'm not sure what you mean by R3 zoning, every municipality has their own zoning requirements. Some towns have higher density requirements (i.e. 5 units per acre of land) that make it difficult to find enough land at a cheap enough price to make it economically viable. It is definitely true that most of the developable land in Southern NH has already been developed, I am a civil engineer and all of the projects we do nowadays are very difficult to permit and make work, however it is done all the time. Be happy to help you take a look at some specific towns if you'd like, don't hesitate to send me an inbox message any time.

Hi Liz,

Can answer a few of your questions

#2 - It costs $100 and takes about 10 minutes to set up an LLC and can all be done online in NH. Just google New Hampshire Secretary of State Corporate Division and go to NH QuickStart. You'll get an email with your filing in less than 24 hours (typically).

#3 - Annual filing fee is $100 and is a 2 minute online form.

@Benjamin Dutil Hey Ben, I met with someone at the Amherst, NH branch and he used to be with Granite Bank, but he was a very experienced commercial lender and fairly high up so you could definitely give him a call and see if he could help you himself or refer you to someone closer to you Michael Rasmussen (won't let me post his phone number but you could call the Amherst, NH branch and ask for him)

Looking at the zoning ordinance quick, the RN zone allows for single family, duplex and attached dwelling units. Multifamily dwellings are not an allowable use in that zone unfortunately. Multifamily is allowed in the IS zone where you own your other property.

You would need to go to the Zoning Board of Adjustments and get a variance in order to add those additional units. The tough thing is that in order to do this, you would need to justify a hardship. Being able to make more money from the property and financial justification is typically not considered a hardship.

Could you put the property under contract contingent on going to ZBA and getting the other units approved? You could also call the City Planner and explain what you're trying to do and feel out how they think the Board would respond. From past experiences doing projects in the City, this may be a very difficult task to get approved.

Pretty much the entire Town of Hampton is in the flood plain and it is extremely flat, I can almost guarantee they are in the flood plain. Especially if they are telling him he needs flood insurance, the flood plain line on the FEMA map crosses his property. It all depends what elevation FEMA has assigned for the flood plain where his building is located.

@Troy Zsofka good point I honestly didn't think of that! I don't think so though, because the filing for each one doesn't create that much extra work. But certainly something to consider. Setting up an LLC in NH is about as easy as it gets especially now that you can do it online. I filed for one the other day and received my documents of formation within an hour.

@Mark McDonnell my NH accountant recommends owning only 1 property at any time under an LLC. Reduces liability on all properties owned by a single LLC if something was to happen to one of them.