New Investor in Mid Coast Maine

New Investor in Mid Coast Maine

Austin EhretPro Member
New to Real Estate · Mid Coast Maine · Member since 2024 · 2 posts · 0 votes

Excited to connect and have access all the resources that this awesome community has to offer. Long time listener to several of the podcasts and am excited to be taking action towards the future I'd like to build.

New Investor who purchased my first home August 2023 in hopes of house hacking. This allowed me to build a relationship with that seller who had the two adjoining properties.

I was able to lock in private money to purchase the first of the two properties with plans of doing a BRRRR. This allowed me to get the first right of refusal on the other property which I'm currently working on an owner finance deal that would be based on a 20 year loan, balloon in 3 years with no interest. That property has tenants which would cover the monthly payments at its current rent which is well below market value but the property would need love to justify an increase in rent.

Very grateful to have made this much progress in the span of less than a year and a half and currently just trying to make sure I have all of my ducks in a row to ensure I can build these three properties into a stable few investments.

Looking forward to the future,

Austin

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  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    1y

    Austin that is legit amazing, I hope you are very very proud of what you have accomplished because not many people take that much action so way to go!!!

    Tell us some more about the house hack is it a true multi family or are you just rocking with roomates?  you say youre in central coast maine, is that a specific city or a region?  I'm from NH originally, but only made it as far up as ogunquit, so excuse the ingnorance.

  • Austin EhretPro Member
    OP
    New to Real Estate · Mid Coast Maine · Member since 2024 · 2 posts · 0 votes
    1y

    Thank you Michael! Appreciate the support. It's all come together pretty quickly in the last year and a half so I'm still coming to terms with it myself.

    The house hack is a four bedroom 2 bath house that my wife and I purchased as our first home with the intention of having it produce at least some income. We've rented out some of the rooms to friends for several months which has allowed for some help with the mortgage. The way the house is laid out lends itself to being split into a two family property which is a goal going forward. It would involve putting an external staircase on the side of the house and making the second bathroom into a full bath. This would make it into two, two bedroom units with the intent of making them long term rentals.

    I'm guilty of having a lot of projects going at once so my focus right now is bringing the cottage to a point to refinance out of the private money and either make it our primary residence for a year for the financing perks or to go straight into a short term rental.

    With the four bedroom house I'm trying to decide if it's worth splitting into two units or if I should keep it a four bedroom rental.

    The cottage I'm also tempted to do mid term with to lower the turnover and maintenance but open to suggestions.

    The third property I'll probably just let the current renters pay the mortgage for the time being if I'm able to acquire it anytime soon.

  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    1y

    Welcome Austin -

    Good luck as you jump in!

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