Was interested in getting a multi-family in Maine (Considering Bangor, Augusta, Lewiston, Waterville, etc.) - probably a mixed income, IE furnished finder 1 unit, airbnb 1 unit, and LTR 1 unit (or some other permutation depending on the number of units) - Was wondering if people had thoughts on good places to invest, had any recommendations for an agent who can do a little more than just pass on MLS info with no thoughts on properties I send them, has some awareness of local laws and regulations I should probably know, and overall good vs less good places to consider - and general thoughts/advice. Thanks!
Hey Mary, Bangor is considering passing an ordinance limiting the amount of active short-term rentals in the city limits. For long-term, I'm a little partial to the Bangor area, but Waterville has seen a lot of new commercial development and investment in the last couple years. My personal experience with John Walker, of FirstChoice Real Estate in Hermon has always been very positive.
I'm deft looking into Waterville! Not a lot of stuff but yeah good markers for increased opportunities - it does seem like Bangor's isn't going to be overly restrictive and they're mostly trying to avoid someone having like 5-10+ STRs, though if I'm wrong or missing something would love some insight! Wasn't clear if it was going to be total number of STRs, limits on how many an individual could have, bit of both - though it seems like sometimes it's better to get in sooner and get grandparented in.
I'll reach out to John Walker - I assume you used him for investment rentals and he could generally give a good run down of places from an investor perspective?
I have not used John to purchase an investment property myself, but I know him personally and he has sold many investment properties to/for others.
I believe the Bangor ordinance would restrict the total number of STRs in the city at any one time, and selection/approval would be for one year. I know a city council meeting was held last week, and I have not caught up with any updates from that meeting.
Property Manager · Bangor, ME · Member since 2018 · 31 posts · 21 votes
2y
Hey Mary, Bangor is considering passing an ordinance limiting the amount of active short-term rentals in the city limits. For long-term, I'm a little partial to the Bangor area, but Waterville has seen a lot of new commercial development and investment in the last couple years. My personal experience with John Walker, of FirstChoice Real Estate in Hermon has always been very positive.
Hey Mary, Bangor is considering passing an ordinance limiting the amount of active short-term rentals in the city limits. For long-term, I'm a little partial to the Bangor area, but Waterville has seen a lot of new commercial development and investment in the last couple years. My personal experience with John Walker, of FirstChoice Real Estate in Hermon has always been very positive.
I'm deft looking into Waterville! Not a lot of stuff but yeah good markers for increased opportunities - it does seem like Bangor's isn't going to be overly restrictive and they're mostly trying to avoid someone having like 5-10+ STRs, though if I'm wrong or missing something would love some insight! Wasn't clear if it was going to be total number of STRs, limits on how many an individual could have, bit of both - though it seems like sometimes it's better to get in sooner and get grandparented in.
I'll reach out to John Walker - I assume you used him for investment rentals and he could generally give a good run down of places from an investor perspective?
Hey Mary, Bangor is considering passing an ordinance limiting the amount of active short-term rentals in the city limits. For long-term, I'm a little partial to the Bangor area, but Waterville has seen a lot of new commercial development and investment in the last couple years. My personal experience with John Walker, of FirstChoice Real Estate in Hermon has always been very positive.
I'm deft looking into Waterville! Not a lot of stuff but yeah good markers for increased opportunities - it does seem like Bangor's isn't going to be overly restrictive and they're mostly trying to avoid someone having like 5-10+ STRs, though if I'm wrong or missing something would love some insight! Wasn't clear if it was going to be total number of STRs, limits on how many an individual could have, bit of both - though it seems like sometimes it's better to get in sooner and get grandparented in.
I'll reach out to John Walker - I assume you used him for investment rentals and he could generally give a good run down of places from an investor perspective?
I have not used John to purchase an investment property myself, but I know him personally and he has sold many investment properties to/for others.
I believe the Bangor ordinance would restrict the total number of STRs in the city at any one time, and selection/approval would be for one year. I know a city council meeting was held last week, and I have not caught up with any updates from that meeting.
Realtor · Phoenix, AZ · Member since 2021 · 523 posts · 239 votes
2y
Hi Mary, I would use the find an agent tool through Bigger Pockets! This way you can connect with a investor friendly agent who can assist you beyond just sending MLS property updates.
Hi Mary, I would use the find an agent tool through Bigger Pockets! This way you can connect with a investor friendly agent who can assist you beyond just sending MLS property updates.
I've dropped a line to a couple but always good to get local recs too /get other people's thoughts.
Real Estate Agent · Surry, ME · Member since 2017 · 50 posts · 25 votes
2y
Hi Mary we of course have very little MF inventory here but I can assist if Hancock County properties ever cross your radar. Full time agent in Bar Harbor but cover the whole county
Mary, in my 31 years of experience buying and selling agents in general are not the ones to find you investment deals. If you want a list of off market deals let me know
Mary, in my 31 years of experience buying and selling agents in general are not the ones to find you investment deals. If you want a list of off market deals let me know
Mary, in my 31 years of experience buying and selling agents in general are not the ones to find you investment deals. If you want a list of off market deals let me know