Buy and Hold in Maine - Seeking Advice
Hello - I'm looking to buy my first multifamily rental in the spring/summer of 2015. I live in Boston but grew up in Midcoast Maine and am interested in investing there because I'm familiar with the area, I think I can achieve 20-25% cash-on-cash in "B" towns (including professional management), and the the location is reasonably accessible to scout for properties and periodically visit them. Based on the numbers, it seems that 2-4 unit properties in the $75k to $150k fall into the cash-flow sweet spot.
I am interested in Bath, Brunswick, Waterville and possibly Bangor as target areas. Are there other towns that you might recommend looking at where you've had success? Have any of you invested much in Lewiston, and are the risks of that area worth it?
Also, while I am considering pursuing a real estate license, I will work with an agent in the early going. Can any of you recommend a good buyers agent in or around my target towns? How about a good property management company? It is a huge priority of mine to build a good network since, most of the time, "I can't get there from here."
If you have any general advice about investing in Maine, or anything relevant to add, I would sure appreciate it.
Mike