We are planning our first trip to main February 19th to visit for 3 days. My question is I want to do real estate buy and hold and flipping is Maine capable of this?
Now I know the same story that everyone says you can do anything in any market as long as you know the market, but because I am new still could I be making this harder on me to start?
I currently live in Cheyenne, Wyoming and we do not plan on moving out there until August 2019 so should I be worried and could I be setting my self up for failure?
I would also love to get my real estate license in Maine since I am new and this could help get me a foot in the market faster and education.
What are your thoughts, concerns, and what would you do if this was you?
Search this site for posts about building a new team out of state?
I like the tip given about looking up all the brokers in the area your heading to. Seeing as your thinking about going to work for one of them anyway, but for now your contacting them about the local market. As an investor first.
Any other specifics? when there, are you still going to be looking elsewhere (out of state, Main) for investments?
@Jon Mccarthy you can certainly learn the market. You can spend some of your time in Feb visiting properties to get more hands on information. You can set up some keyword alerts and begin to network with other BP folks in the area. Personally, I wouldn't let it get in the way.
@Frederick Kirk Wendel I have not tried to search for building a team out of state yet but that is a great idea and will half to look into that, thank you for that suggestion. And looking up the brokers I have started do that and I am just waiting for responses. I would say as far as any other specifics, I want to get multifamily units 6 units and above and start doing single family homes for flipping but I have never dealt with the oil heating units that they have out there and that scares me because I do not want find out how much that cost to fix them and have that put me in a bad situation. And far as other markets I will branch out since I have been listening to the podcasts they said that a good investor need to branch out and of course I am paraphrasing what they said.
@Bill S. I love the idea of visiting the properties while I am out there I will half to set up times to with the brokers or realtors ahead of time. I have tried the key alerts and I am having a hard time getting them to work for some reason it is not saving them. I don't think it will get in the way its probably just the newbie fear taking over me and causing me to over think things.
Thank you both for your ideas and response to this.
@Jon Mccarthy , Where in Maine are you looking to move to? If you're going to be in the Bangor area you should get in touch with @Ryan Murdock (also listen to his story on Show 234 from the BP podcast). Ryan should be able to get you in touch with brokers, etc. up there. If you're going to be in the Portland area I'd suggest getting in touch with the Vitalius Real Estate Group. They focus on multi-families. Also Brit Vitalius is the president of the Southern Maine Landlord Association and does a yearly report on the market in the Greater Portland area (here's the 2017 one).
If you are going into the Portland market, be forewarned, it's pretty hot right now. Prices are high and it seems like some owners are throwing things out on the market at ridiculous prices - and getting them.
Good luck in your move. Maine's an awesome place to live.
@Andrew Magoun , Thank you for the information we are excited to head out there and check it all out. We will be visiting Portland first to see if thats where we want to settle and then we are going to drive around as well and site see other towns around and check if they are a better fit. I am going to see if we have time to head to Bangor and meet @Ryan Murdock but not sure if we have the time for that just yet. I am very thankful for the information. We are thinking the best way for us to start is do house hacking for the first year and go from there.
@Ryan Murdock, We had to change plans due to vacation at my job so as of now we are shooting to head out there January 27 - 30th and see how we like it. But I would love to have the chance to meet up with you and see all that I can see. My goal is to visit 5 multi family units while I am out there to get a feel for what they look like and how the area works. When I move out there I want to have my real estate license and start off as a realtor so I have good access to the MLS listings and learn more about the properties. I have never dealt with oil heating systems and homes that are built in 1900's era so that scares me a little. Would it be to much to ask if you can set me up with someone you trust in the Portland area that can show us multi families?
Jon I have started investing in the southern Maine market and have a really amazing agent. I can refer you to him. He’s also a 25+ year seasoned investor in the Lewiston auburn market where I am buying. I think he has owned 12-15 buildings for least 20 plus years in the area. Self managed.
He’s been amazing in helping me and my other business partner. We are young beginnings and he’s put a lot of time and effort into us and has found us fantastic deals.
Let me know if you’d like to know his contact. Or need anything else. I suggest looking in L/A market or where Ryan is, in and around Bangor. Even Augusta Gardiner. Cumberland county is becoming a mini Boston and is quite off its hinges in prices with on market deals... I do know a good flipper/agent in Cumberland county that’s doing well with those though.
Showing occupied multiunits is a huge hassle for tenants, managers, and agents. No way is anybody going to show them to you if you aren't a ready, willing, and able buyer. I hate to be the mean one.
@Jon Mccarthy , like others have said, Portland is hot right now. But that's not a bad thing if you're willing to look for deals in the surrounding towns. I bought a commercial building in Cumberland County in 2016 and got a great deal. I'll be buying a multi family in the same town in 2018.
Apart from real estate investing, Maine is a great place to live and raise a family!
@Jon Mccarthy the answer to your question is yes, Maine is a place where buy and hold investing and flipping are possible. The key is to know the market that you are going to invest in, and make sure the numbers work. Buy and hold investing is a lower risk way to start. You can get your first multi-unit property by focusing on a 2 to 4 unit and living in it for a year or more. There are a variety of markets and properties to choose from in Maine and with some thorough research, you can find one the works for you.
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Great... what is bringing you to Portland......... As long as you stay anywhere on the Seacoast you should be fine. The closer to the New Hampshire State Line the better.
Also look at the Fryburg Maine Area. Fryburg is 1 hours West of Portland
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