New to Real Estate · North Berwick, ME · Member since 2024 · 2 posts · 0 votes
Hi There! My wife and I moved to the area just over a year ago (and purchased our first home!) and we are hungry to break into the real estate market. We want to purchase a small rental property to get us started close to our home and are open to any advice we can find. We are submerged in the process of learning all the we can; reading the books, listening to podcasts, watching the webinars, etc. and want to know more so we can get started with as much information as possible. Thank for reading!
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
1y
Hey Chase, welcome to BP and congrats on your first home!
HI grew up just north of Boston, so I'm familiar with the area. It's great that you're diving into books, podcasts, and webinars. One tip is to start looking into meetups to connect with investors / others in the REI game (in person/online). Check out meetup.com and join local Facebook groups.
Happy to put you in touch with an agent if you'd like. Good luck and feel free to reach out if you'd like to connect!
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
1y
Hey Chase, welcome to BP and congrats on your first home!
HI grew up just north of Boston, so I'm familiar with the area. It's great that you're diving into books, podcasts, and webinars. One tip is to start looking into meetups to connect with investors / others in the REI game (in person/online). Check out meetup.com and join local Facebook groups.
Happy to put you in touch with an agent if you'd like. Good luck and feel free to reach out if you'd like to connect!
Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 492 votes
1y
Congratulations on your recent home purchase!
I strongly recommend that you set clear financial goals and maintain a continuous learning mindset. The real estate landscape is always evolving, presenting new opportunities to discover. Make the most of the excellent tools available on this platform.
Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
1y
Another Mainer! Congrats on the home purchase. Keep up the self education and try to figure out some sort of unfair advantage that you may have. Whatever that may be, lean into it. It could be some sort of skill set for renovations, design for furnished rentals, specific market knowledge, owner occupied loan products for a house hack, etc.
My wife and I self manage a mix of short, mid, and long term rentals. I have absolutely nothing to sell and would be happy to help if you think that I can be a resource.
When starting with rental property investing, focus on understanding the local market, laws, and setting clear investment goals. Begin with a small property like a duplex or triplex, build a strong financial foundation, and keep 6-12 months of reserves for emergencies. Networking with other investors and learning from your early experiences will help you grow confidently.
2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!
5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.
7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.
You're in a great market! Population and economic growth, strong tourism, proximity to other New England cities. It's pricey and competitive, but stay in your own backyard, consistently look for deals, and you'll find a great asset. Consider different strategies like mid and short term rentals as I believe the Portland area would allow for success in both (although I have heard Portland proper is tough on STRs).
Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
1y
Hey @Chase Pomerantz, welcome to the area! I run a local meetup in Portland. Reach out and I will send you the info for next months meetup. It would be a great opportunity to meet others in the area that are investing.
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