New Investor from Augusta, Maine

[Rylee Knox]

Hey BP Nation,

I am excited to be joining BiggerPockets to build connections and learn from experienced investors. My fiancé and I bought our first property in October as an owner occupied, 3 unit home. We spent roughly $3,500 on renovations and put quite a bit of effort into screening for good tenants, which was well worth it. Both units have been fully rented for the past 6 months and we are glad to have stepped into the world of real estate.

We would like to expand our network and acquire two more properties by the end of 2018. Our strategy is to purchase buy and hold rental units in class B neighborhoods in central Maine. We both have solid, steady incomes so conventional financing seems like the best route to take at this stage in the game. We would love to hear any advice that you have to offer on acquisition, financing, property management, etc. 

[Carl Hebert]

Hi and welcome! Did you run background and credit checks on your tenants? We have been doing that for the last couple of years and it has helped a ton. Biggest benefit is it eliminated a lot of the people right at the start. They read we do checks and they don't bother coming. 

Is your building in Augusta? I have been tempted to try something up there, but keep getting good deals here in Lewiston/Auburn. 

If you are planning on buying another one or two why are you doubling on mortgage payments? Seems it would make more sense to take that extra payment and set it aside for the next building. Just wondering. 

Good luck and again welcome!