Is anyone currently investing in lewiston? I'm looking at a couple apartment complexes and am wondering if anyone has any experiences in these areas?
Just be careful, some areas are pretty rough. Be sure you know the area and drive by and look at neighboring tenants and such.
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Not sure if you're still looking, Alex, but Lewiston is a very tough rental market. It's notorious in our area. I have a number of years of experience running a management company and I've also done flips and am a real estate agent. If you're looking for lower priced options that cash flow I'd suggest looking more towards Saco, Old Orchard (seasonal opportunities with AirBnB are huge), or even Biddeford (rough but plenty of section 8 tenants available). I'm happy to help answer any questions.
What do you think of Bath/Brunswick compared to Saco? I really like hands-off (I live in Bath) and want to stay close to home but am thinking of branching out.
And Alex, Lewiston's worth checking out thoroughly beforehand. I'm just down the road and see great prices there often that I don't even look at.
@Randall Williams - I don't have much experience in the Bath area actually, we don't manage that far North of Portland. I have noticed that you've got some well priced units there though. My first step personally would be to call the property management in that area and see what their vacancy rate is.
@Michael Webster - What are your thoughts on Rumford. Looking at buying 12 unit apartment building and trying to figure out if it's a C or D area.
Rumford is interesting because it's near one of our big ski resorts. During the Winter I'm sure you'd have no trouble keeping the place occupied. The Summer may be a little tougher though. It's a decent enough town, and I'd say there are very few "D" neighborhoods in Maine in general, if you're comparing it to the majority of the US.
Please expand on your statements about the Lewiston rental market. It looks like a cash flow play without much appreciation.
Do you manage buildings in that area? What are the tenant types? Anyone here invested in that market?
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