Norwell, MA · Member since 2018 · 9 posts · 4 votes
Hi BP, I was just recently driving through Maine on my way to a pond hockey tournament and my wheels started spinning thanks to my involvement with this amazing website. I was searching through some of the typical RE sites, zillow & realtor and wanted to see if I could reach a RE agent that could give me some more insights into the housing markets in southern Maine. Lewiston/Auburn areas look like decent potential Multi-Family investment areas.
I apologize in advance if this type of post is against community standards in any way.
Gorham, ME · Member since 2018 · 280 posts · 186 votes
7y
Lewiston/Auburn is not a bad area to invest. It is slowly gentrifying and having the college and hospital in Lewiston creates steady jobs and tenants. It's going to be another 10-15 years before I think the area is where it should be. Auburn as a whole is better then Lewiston from a crime statistic. Apartments closer to the college are better in Lewiston. Also in in Lewiston the closer you get to Kennedy Park/downtown the worst it is for crime etc. Also please note the rate of "crime" is still relatively low compared to Lawrence, MA. I'd compare Lewiston Auburn to Haverhill, MA 10 years ago. It deff was ****** but now the new businesses etc going in makes the area a lot nicer then it originally was.
Real Estate Agent · Lisbon Falls, ME · Member since 2018 · 37 posts · 22 votes
7y
Hey Mike! I just sent you a request. As @Matthew McGuire mentioned, I do work with several investors in the Midcoast region (Lewiston-Auburn/Brunswick-Topsham/Freeport-Yarmouth/Harpswell-Phippsburg-Bath) I specialize in helping investors as their Real Estate agent. Let me know if I can help you too!
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
7y
@Cody DeLong I'm planning to relocate to Mid-Coast sometime this year. Probably signing on with The Bean Group or KW. Leaning toward The Bean Group.
From a buy & hold standpoint, how tenant-friendly is Maine? For example, let's say you get a bad tenant. Pays the first month's rent and then stops cold.
How long would an eviction take if they knew how to game the system?
Realtor · Androscoggin County, ME · Member since 2018 · 12 posts · 6 votes
7y
From my family's experience (lifelong landlords), very tenant friendly as @Cody DeLong said. Agree or disagree, my family now goes immediately to cash-for-keys to get bad tenants out.
Rental Property Investor · Auburn, ME · Member since 2015 · 236 posts · 140 votes
7y
I agree with @Amy A. it only takes a month to month and a half to evict someone and that is only if you have to go through the whole process, court, police etc. Which thankfully I have never had to do lol, I did help a friend of mine when he went through it and if you have a process in place it goes fairly smoothly.
I feel Maine in general is good for tenants and landlords. Follow the process and it works.
Background checks/credit checks with application (charge applicants the fee) (eliminates a lot of bad tenants)
full deposit
rent due on the 1st
send a 7 day notice to quit after the 8th of the month
Use lawyer - 30 day eviction notice after the 16th and add late fee if they do pay (4% allowed in Maine)
go to court if it gets that far, if you show and they don't, you win
they show but have no money, you win
Honestly since I started doing the background/credit checks I have only evicted one tenant.
Pine Tree Legal is almost always at the courthouse btw. Doesn't help tenant if they haven't paid rent, but they may lawyer up.
Rental Property Investor · Auburn, ME · Member since 2015 · 236 posts · 140 votes
7y
@Michael Guerra - I own properties in both Lewiston and Auburn. I really like the area and agree with @Cody DeLong on some aspects of the area. Crime is more in the downtown area, but that is not the reason I do not buy in those areas. I don't buy there because there is no room to increase your rent by remodeling.
If you remodel in that area you do not generally get a good return to your equity for one and second you really cannot increase your rent above the market like I can outside those areas.
All the buildings are old, repairs can get high quickly and you need to factor that in when you buy. Heating costs are usually high also and the owner tends to pay for that here in Maine.
Buying in Lewiston/Auburn you should plan on holding and not selling in a couple of years like you can in southern Maine. There are buildings selling now that are at the same price they were 20 years ago! That is a lost of equity in the long term for most buildings, especially in the downtown areas. Something to think about.
Gorham, ME · Member since 2018 · 280 posts · 186 votes
7y
@Carl Hebert Where are you investing in Lewiston/Auburn? Outside of the downtown I'm assuming? Looking for my next rental in that area. I have my current 11 unit in Livermore and am looking to acquire about 5-10 doors this year.
@Carl Hebert Where are you investing in Lewiston/Auburn? Outside of the downtown I'm assuming? Looking for my next rental in that area. I have my current 11 unit in Livermore and am looking to acquire about 5-10 doors this year.
I have three in Lewiston - Summer st, Wood st and Genest st (off Sabattus st) 11 units total
Three in Auburn - Academy st, Broad St (house) and Seventh st. 7 units total
Wood st is the closest I have to the downtown area.
There are still good buildings hitting the mls but not nearly as many as there were 2 years ago. At the high there were about 125 now 40-50
A good one hits and it is gone.
I will be back in Maine after Feb 20th if you want to get together sometime and talk shop.
Gorham, ME · Member since 2018 · 280 posts · 186 votes
7y
@Carl Hebert Agreed. I've been doing off market more then anything. MLS is tough when everyone sees it. What do you think of the Seventh st area? Also Thad be great when you get back!
Real Estate Agent · Broomfield, CO · Member since 2017 · 21 posts · 5 votes
6y
Hello all Maine investors out there. Long time southern Maine resident here that moved to Colorado almost 10 years ago. I recently came across a good deal on a multi family in sanford and would like to hear any thoughts on investing in sanford. I grew up there so I know the town very well and it seems like a good rental market. Any qualms?
@Cody DeLong I'm planning to relocate to Mid-Coast sometime this year. Probably signing on with The Bean Group or KW. Leaning toward The Bean Group.
From a buy & hold standpoint, how tenant-friendly is Maine? For example, let's say you get a bad tenant. Pays the first month's rent and then stops cold.
How long would an eviction take if they knew how to game the system?
If the rent is due
on the 1st and you follow the eviction procedure and legal steps to a
T, it takes a max of 45 days. I have had no problem evicting problem
tenants that were carried over with the sale of a property. This is all using the York County District court, not sure if other counties have less eviction court dates per month.
I agree with @Amy A. it only takes a month to month and a half to evict someone and that is only if you have to go through the whole process, court, police etc. Which thankfully I have never had to do lol, I did help a friend of mine when he went through it and if you have a process in place it goes fairly smoothly.
I feel Maine in general is good for tenants and landlords. Follow the process and it works.
Background checks/credit checks with application (charge applicants the fee) (eliminates a lot of bad tenants)
full deposit
rent due on the 1st
send a 7 day notice to quit after the 8th of the month
Use lawyer - 30 day eviction notice after the 16th and add late fee if they do pay (4% allowed in Maine)
go to court if it gets that far, if you show and they don't, you win
they show but have no money, you win
Honestly since I started doing the background/credit checks I have only evicted one tenant.
Pine Tree Legal is almost always at the courthouse btw. Doesn't help tenant if they haven't paid rent, but they may lawyer up.
This is all great accurate information, I'd just like to add, even if you "win" in court the judge will still give the tenants being evicted an additional 1-2 weeks to "move out". If at the end of that time they are still in the unit the deputies of your county will be notified and force the tenants out. You can then replace the locks on the unit...and by you I would suggest NOT being there for the incident and having a handyman/property manager handle that. You then must follow the Maine laws as far as "keeping" tenant personal property for 30 days(?) I believe.
-I am not an attorney, so I'd suggest reading up on the laws or talking to your own attorney...just trying to shed a little more information to be helpful!