Interduction, and looking to rent in maine.

6 Replies

Hello My name Is Billy.  I'm a 38 year old married male. with two 40lb dogs. I have been on b/p's off and on over the last four years or so. I'm now back and a registered member again.  Please feel free to ask any questions. I will respond even if not immediately.

When I came here originally quickly I found out, that I was in no position to build my wealth thru real estate. In regards to credit and cash I am in a much better place.  Only took 3.5 years...YAY ME!!

  How ever, I do have one more step I have to over come to start this advancement in my life. My wife and I currently live in Virginia. We are moving to Maine.  Our plan is to Rent for 90-120 days while we scout the areas for our home to purchase.  Rent payments are not an issue.  We are having a tough time finding a rental that will allow our dogs.  I have offered up a extra deposit for the dogs. And still nothing.  I am begging at this point.  What would be ideal is a small single family residence, maybe even a mobile home we could rent, with a small yard for the girls.  We currently rake up behind them so that is not new to us.  We are looking to be away  from neighbors because they love to bark. And we do not want to disrupt any body.   Providing the price and the location we would consider a rent to own.  My job is transferable, I have already spoke with several banks and finally found one I like.  He suggested ninety days of pay stubs in Maine, and i should be able to get approved for the home loan.      Thank you for reading.

I do have one question, Jason Perry at camden bank, could not tell me with doing the application.  I am hoping some one here can.   My gross Is approx. 58-64K  i do have debt that is about 9k. Which will be paid by December.  Leaving zero on paper.  Any idea even a rough estimate on what i might get approved to borrow?

@Bill Hill Welcome (back) to BP!

I am a Realtor in Southern Maine and also have an interest in a property management company in Southern Maine that manages just over 1,000 rental doors in Southern Maine. If I can help in any way, please message me and we can discuss further. 

@Bill 

@Bill Hill welcome back and welcome to Maine. Regarding how much you can qualify for, if you have a bank you like I bet they would be happy to help you figure that out. But if you want a link to online calculators, here's one from Bankrate - which can give you a rough idea anyway.  https://www.bankrate.com/calculators/mortgages/new...

Congratulations on getting your finances together to take the next step!

@Bill Hill congratulations and welcome to BiggerPockets!

You definitely came to the right place and I commend you for taking the first step, and that is reaching out to experienced investors here on BiggerPockets.

I sincerely hope you find what you are looking for when it comes to your dogs. 

Congratulations on the relocation to Maine and I wish you the best of luck.

Welcome (early) to Maine! I'm from Maine originally but we lived in the DC area for about 10 years prior to moving back to Maine, and it was a great decision. I love springtime in northern Virginia, but prefer just about everything else about Maine!

Whereabouts in Maine are you considering? Maine is a big state and the regions can vary quite significantly... not the least of which with regards to the real estate market. I saw you mention a bank in Camden; the midcoast is a great place to live. We're in the Portland area (with ties to central Maine and Mount Desert Island/Acadia region). 

RE: looking to rent. As a landlord, I'm more put off by your short term lease than the dogs (we allow them, excluding bully breeds). Turnover is a landlord's greatest expense, and I'm wary of someone who is only planning to stay for a few months. And our insurance really doesn't like short term/tenant-at-will leases. I'd consider a year long lease. The market in Maine is C-R-A-Z-Y, and it may take you that long to find and actually get to purchase the house you want. In fact, we have tenants in one of our single families right now that are renting because they sold their house and they know it'll take a while to buy a new one. 

Just something to consider!

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