Deciding what type of properties to invest in...

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Deciding what type of properties to invest in...

Joey Shaw
Rockport, ME · Member since 2022 · 17 posts · 4 votes

Hey guys,

I'm in Maine and having a tough time deciding where (and what) to start with. I'm a realtor so I can get into places (in Maine) pretty quickly. I've checked out single families, 2-6 units, out of state (mostly PA because it's the closest "landlord-friendly" state to me), and smaller commercial. I have been leaning towards SFR because I like the idea of the tenants paying for everything. I also lean that way because most of the multis in my price range in this state are built in the 1800s and I cringe at the thought of the upkeep on them. For out-of-state stuff, I have a hard time because I don't know which areas, contractors, and property managers are good and trustworthy.


Any suggestions of where to start would be very much appreciated. I've been stuck in limbo for years and I just need to take action. I'm hoping your feedback will help get me going in the right direction...

Thanks, in advance, for any guidance you can provide!

- Joey

1Reply
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Eddie Gonnella
Bangor ME & Richmond, VA · Member since 2018 · 166 posts · 106 votes
2y
Quote from @Joey Shaw:

Hey guys,

I'm in Maine and having a tough time deciding where (and what) to start with. I'm a realtor so I can get into places (in Maine) pretty quickly. I've checked out single families, 2-6 units, out of state (mostly PA because it's the closest "landlord-friendly" state to me), and smaller commercial. I have been leaning towards SFR because I like the idea of the tenants paying for everything. I also lean that way because most of the multis in my price range in this state are built in the 1800s and I cringe at the thought of the upkeep on them. For out-of-state stuff, I have a hard time because I don't know which areas, contractors, and property managers are good and trustworthy.


Any suggestions of where to start would be very much appreciated. I've been stuck in limbo for years and I just need to take action. I'm hoping your feedback will help get me going in the right direction...

Thanks, in advance, for any guidance you can provide!

- Joey

What part of Maine? I’m in the Bangor area. Regardless of where, I’d recommend joining some local meet up groups to see what others are doing in your market. There are good meet up groups in Bangor and Portland area as well as other parts of the state. I’m in Bangor area if you want to connect! 
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  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Joey Shaw

    house hack serially

    1Reply
  • Joey Shaw
    OP
    Rockport, ME · Member since 2022 · 17 posts · 4 votes
    2y
    Quote from @Nicholas L.:

    @Joey Shaw

    house hack serially


     When you say "serially" - can you please elaborate? Do you mean find a multi, live in it for a couple years, then rinse and repeat?

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    Yes - exactly

    1Reply
  • Eddie Gonnella
    Bangor ME & Richmond, VA · Member since 2018 · 166 posts · 106 votes
    2y
    Quote from @Joey Shaw:

    Hey guys,

    I'm in Maine and having a tough time deciding where (and what) to start with. I'm a realtor so I can get into places (in Maine) pretty quickly. I've checked out single families, 2-6 units, out of state (mostly PA because it's the closest "landlord-friendly" state to me), and smaller commercial. I have been leaning towards SFR because I like the idea of the tenants paying for everything. I also lean that way because most of the multis in my price range in this state are built in the 1800s and I cringe at the thought of the upkeep on them. For out-of-state stuff, I have a hard time because I don't know which areas, contractors, and property managers are good and trustworthy.


    Any suggestions of where to start would be very much appreciated. I've been stuck in limbo for years and I just need to take action. I'm hoping your feedback will help get me going in the right direction...

    Thanks, in advance, for any guidance you can provide!

    - Joey

    What part of Maine? I’m in the Bangor area. Regardless of where, I’d recommend joining some local meet up groups to see what others are doing in your market. There are good meet up groups in Bangor and Portland area as well as other parts of the state. I’m in Bangor area if you want to connect! 
    2Reply
  • Joey Shaw
    OP
    Rockport, ME · Member since 2022 · 17 posts · 4 votes
    2y
    Quote from @Eddie Gonnella:
    Quote from @Joey Shaw:

    Hey guys,

    I'm in Maine and having a tough time deciding where (and what) to start with. I'm a realtor so I can get into places (in Maine) pretty quickly. I've checked out single families, 2-6 units, out of state (mostly PA because it's the closest "landlord-friendly" state to me), and smaller commercial. I have been leaning towards SFR because I like the idea of the tenants paying for everything. I also lean that way because most of the multis in my price range in this state are built in the 1800s and I cringe at the thought of the upkeep on them. For out-of-state stuff, I have a hard time because I don't know which areas, contractors, and property managers are good and trustworthy.


    Any suggestions of where to start would be very much appreciated. I've been stuck in limbo for years and I just need to take action. I'm hoping your feedback will help get me going in the right direction...

    Thanks, in advance, for any guidance you can provide!

    - Joey

    What part of Maine? I’m in the Bangor area. Regardless of where, I’d recommend joining some local meet up groups to see what others are doing in your market. There are good meet up groups in Bangor and Portland area as well as other parts of the state. I’m in Bangor area if you want to connect! 

     I'm in Rockport - right in the middle of Bangor and Portland. I'd love to connect and get more info on those meetups, thanks!

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    2y

    Why narrow down your criteria this much? Be open to all opportunities and evaluate deals as they come your way.

    1Reply
  • Justin R.Pro Member
    Rental Property Investor · San Anselmo · Member since 2015 · 659 posts · 600 votes
    2y

    I personally really like investing in Main, and even Portland itself (albeit Portlands lopsided rent control BS.)

    I live in CA and have invested in the Midwest, and the South for cash flow. I invest some in CA which has given me a lot of appreciation. About 6 years ago I started investing in Maine which I felt was a great combination of cash flow and appreciation. 

    I feel the golden ticket for that area is 3-4 unit properties. The barrier to entry is high (500-800k) but the gross rents are equally high at $2300-$2500 per unit on nice properties.

    Live in one unit and rent the other two or three.

    1Reply
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