Moving to NH? UL article: "Want to be a West Side landlord?"

[LiveFreeOrDie]

Could be a great opportunity for those moving to NH. 

http://tinyurl.com/zrkq8

MANCHESTER ? There are 60 multi-unit apartment buildings for sale on the West Side, and in the coming weeks, every tenant in those buildings will be getting a letter from Manchester Neighborhood Housing Services.

The letter will encourage the tenant to become the building's next landlord.
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Neighborhood Housing programs include low down payments, low mortgage rates and underwriting practices that enhance financing possibilities for multiple-unit properties, he said.
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Citizens, refugees and immigrants with proper papers are eligible for programs and financing.

Terms include:

    * 30-year mortgages with an interest rate between 5 and 6 percent for the initial five years, then converting to an adjustable rate.

    * A 1 percent downpayment, with the ability to finance closing costs through the mortgage.

    * Eligibility calculations that earmark rental income to directly reduce mortgage payments, a practice that substantially increases the purchasing power of applicants.

    * Workshops on home ownership and how to be a landlord. Tourigny said no one who purchased property through Neighborhood Housing Services has ever defaulted on a loan.

Mike Lopez, an alderman who lives on the West Side and a Neighborhood Housing Services board member, welcomed the effort.

"I think it works out anywhere for this simple reason: the area is cleaned up, and it enhances the neighborhood," Lopez said.
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The 60 West Side multi-units for sale range from $189,900 for a two-family to a high of $485,900 for a four-family building, he said. On average, prices work out to about $100,000 per unit, he said.

Tourigny said a community services committee will get involved and work on matters such as crime, what neighborhood to focus on the most and infrastructure such as sidewalks and parks.