Real Estate Investing in Maine

43 Replies

I noticed that posts about investing in Maine are all over the forums, and I thought I would start a forum to give everyone who is interested in Maine a place to go for information and comments.

I invest in Maine and it's a great place to invest. It's probably the most downturn proof state in the USA due to the nature of its population. Being the oldest state in the union, Maine has a ton of personal savings so it's economy can ride out downturns easily. Just look at how it did in 2008 and 09 compared to the rest of the nation! Half the drop in prices, and was quicker to recover.

@Nicholas Herold Maine is a great place to invest. There are a few very attractive markets right now and there is a lot of out of state interest coming into the area. The quality of life is second to none, the amenities of Greater Portland are fantastic (food, art, recreation, entertainment, etc.) and population is growing. 

If you would be interested in discussing the markets in Southern Maine, I would be happy to connect and discuss. I could also recommend some good CPAs and real estate lawyers in Southern Maine if you are still looking for someone.

@Nicholas Herold as Harrison said, the markets you're interested in are very attractive to invest in as well as becoming very competitive as interest/demand is growing rapidly here. I am a CPA at a firm in Chestnut Hill, MA but live and invest in southern Maine. Feel free to message me if you want to discuss your tax needs further if you're still looking for someone.

I recommend Adrianna derice out of Portland for real estate attorney, she has helped me tremendously with my triplex in biddeford 

@Nicholas Herold , @Nathaniel Seekins , @Bryan Clement , @Harrison Smith , @Kristine W Taylor

do any of y'all know anything about Milo, Maine? I have a local (San Antonio, TX) lead on a single family home there, and I know nothing about the area. Appreciate any input you can provide about the market. -Matt

Originally posted by :

do any of y'all know anything about Milo, Maine? I have a local (San Antonio, TX) lead on a single family home there, and I know nothing about the area. Appreciate any input you can provide about the market. -Matt

I would stay away from anything north of I-95 and North of Bangor. The timber/paper industry's decline has hit those areas really badly. I know someone who had a triplex up in Piscataquis county, had trouble finishing his rehab because people would watch materials and things being dropped off in the building, and would go uninstall and steal it overnight. People do make it work, but they tend to be local and can manage the properties more closely. Coastal Maine is a great investment area though, highly suggest the area between NH and up to Bangor! Good luck!

I would agree with @Bryan Clement about Milo. Once you get north of Bangor, you are heading into the section of the state that has seen jobs and population declining consistently. Other than one off opportunites like Orono (University of Maine), there really aren't many markets I would consider if they weren't right on the ocean. 

@Matthew Allen I wouldn't immediately discard Milo. There are some real good areas there. It really depends on the address and price. Generally they are not fast movers for flips but some of the lake property brings good money and good vacation rents. I wouldn't dismiss anything until I have more information.

@Ed Emmons  thanks for the feedback. I spoke to a local realtor and it's in a less desirable area south of town...used to be called something else. I have a feeling the seller won't understand the actual value of her home there and will want too much for it.

Brand new to BP, Real Estate investment, and general financial literacy. I'm an artist living in a house I own in CA, about to rent it out, and put the arts on hold to pursue Real Estate investment and build my wealth in the Bangor, ME area.

I'm learning rapidly through, Youtube, podcasts, and books. I'll be moving my family to ME within a year and I'm looking to start making any real estate or investment connections between now and then.

I would love to get into a multi family home to BRRRR in Bangor, and hit the ground running. Any advice or friendships are welcome.