How to look for a place out of state

16 Replies

We are just playing with the idea of moving to Maine and want to find a place where we could live, as well as potentially rent if we want to move after a year or two. How would we go about networking with people to get the best deal on the property and have a good exit strategy if we need it?

@Jillian Reber Do you have an area in mind that you'd like to live? Maine is a large state with plenty of areas that are good for investing and different strategies. If you'd like to live there, I would start by deciding on the location you want to live and then figure out the investing piece from there. We have a networking meetup on 6/16 at Bunker Brewing in Portland. It's a great place to meet likeminded investors and network!

@Jillian Reber Colby College is investing close to a billion dollars into our community, the prices are still fair and you can find some decent cashflow. We offer property management services as well. If you would like to chat feel free to P.M. me

These are good things to know! We are currently living in MN, so are there virtual meetings that we could attend? We can't just fly out, but we want to network as much as possible to learn more. We have been looking at how to go about doing rentals, and this would be our first attempt. 

@Jillian Reber There is a monthly virtual meetup that you can find on meetup . Com which covers the Brunswick. As others have said, Maine is a huge state, so you would want to narrow it down for us a bit in terms of where you are looking / what you are looking for, so that we could better help with tips, advice, or connections.

@Jillian Reber , Hello, as others have said Maine is a a big place and you'll find there are a lot of differences among regions but even between the towns and cities. I grew up in South Portland and some time in Lewiston. I currently live in Gorham and work as a Realtor and investor throughout York, Cumberland and Androscoggin Counties. I'd be happy to chat with you about those areas if you'd like to learn more. Also, once you narrow down your search, you'll find fb has a lot of specific community groups where you can connect with locals and get an even better idea of the location. 

As far as an exit strategy, I can speak to southern Maine, you'll find the appreciation has been incredible! I have a client who bought exactly a year ago. She decided to sell one year later and even after selling costs she is making a profit. Also just like most of the country, housing is very limited in Maine, properties for sale AND rentals, so you would not have a hard time finding renters or potential buyers. 

Thanks, Bethany and Jen! We were looking around the areas of Bangor, Portland, and Augusta, as well as nearer the coast. We would like something not too far from a decent-sized city so we have good internet (my husband works in web development) but still something with a little bit of acreage/not too much in-town. We like gardening and the rural lifestyle, and it seemed like areas just outside of those larger cities had that capability. Jen, if we find out this is in our possibilities, we would like to connect! Bethany, I am going to talk to my husband about that meetup.com option. Thanks!

@Jillian Reber There is an active investing community in Waterville, close to Augusta. @Kenneth LaVoie can help you get connected - Augusta is one of my local markets and a great area to invest in. You will find *much* better numbers there than in Portland.

Also very active community in Bangor @Ed Emmons

@Nathaniel Seekins runs a meetup group there

Gus Olifi a great agent up in that area

Thanks Bethany! Always glad to chat about Waterville. I'd have to defer to Brett Brockway as being more knowledgeable. He's younger and hungrier and is doing a lot right now and can offer some great perspective. 

@Jillian Reber , I have more experience with the areas west of Portland. I live in Gorham and work throughout this area. The values have gone up tremendously this year but I have noticed some listings starting to stay on the market more than 3/4 days and reducing their prices.  A lot of people who work in Portland look for housing west of Portland for affordability. My husband and I own rentals in Westbrook and Gray. We have done very well. Our last vacancy, last September, we had close to thirty applications and many were excellent candidates. One of my friends is a property manager in Portland and she said they have huge waiting lists for apartments. Nearly every day I get emails from other Realtors about clients looking for rentals and see friends posting on fb trying to help someone they know looking for rentals. 

I have sold homes west of Lewiston/Auburn as well such as Oxford, Bridgton (one of my favorite towns in Maine) etc. From what I've noticed, the prices in these areas are definitely lower than west of Portland but the rentals are similarly lower. 

I may have missed this but have you been to Maine before? If not, I would recommend coming for a visit and checking out these four areas. You can most likely find a place that will work in terms of numbers but will you be happy there?