Anyone buy rental properties in Maine

9 Replies

Just curious to know if there are other investors in the Maine area. I'm in the process of getting pre approved through the VA loan. This will be my second property and would value others experience and advise for areas

@Taylor Smith congrats on working towards your second property! I would say most of Maine is fairly tight on inventory as far as investment property goes. My last one was found off market and allowed me not to have to deal with 5-10 other investors looking to grab whatever pops up on the mls lol. 

I am focused on just the Lewiston/Auburn area, but there are a lot of folks on here from all areas of the state. Just ask about what area you want info on and someone will probably chime in.

As far as Androscoggin county goes there are 59 multi's listed and only 19 are not pending lol. That is probably changing as I type this out.

I am not as familiar with the single family homes, so hopefully someone else can chime in on that area.

Good luck on your new property!

ED EMMONS, Liked your read about Bangor. My wife and I are moving to Maine this year. Purchased land in Woolwich between 2 bodies of water. We're now working on a builder and getting bids. Fortunately have a great BP Broker that I met at BP from Maine. My thing is rehabs and Buy/Hold etc. Currently doing local market analysis of towns/cities/municipalities etc. in Maine. Bangor has been an interest for the last year or so. So thanks for reigniting the thought. I have found an area of interest that has potential. My main interest is BRRRR. Hope to find an REI group. My sister has lived in Oxford forever. Hope to hear from you. ken b

I have 14 doors in Bangor. Happy to help if I can.  Currently the inventory is overpriced crap though. Atleast for my standards, depends on what you are looking for I guess. 

Hello John, I'm gonna find "tore up from floor up". I'll be cash, quick close, and 0 contingencies except a quick inspection. The market is for sellers but I feel with BRRRR I just need 1 to keep me happy. Have an excellent broker in Portland (BP). All I need is a great banker, PM, and contractor. I 'll live without a contractor for awhile if I have to as I can do that, but I hope to find that person. You are correct the basic inventory is crap right now. ken b

@Ken B. if you look the other way from Portland things will be half price. There are a lot of opportunities within 30 minutes or so from woolwich. I would contact all the towns and check the credit union and local bank websites. Get on an auto email list from an agent for specifically what you are looking for. Maybe handyman special, 180 DOM, TLC, would be key word searches that I would use. I personally think chasing mls listings is a waste of time.

@Ed Emmons , Thank you Ed, I appreciate this excellent advice. I will absolutely adhere to your advice regarding credit unions and banks websites. Nice to know opportunities exist between Portland and Woolwich. My broker will give me auto emails in anyway I ask. He is BP from Portland with an excellent portfolio. The DOM is very important to me. I'm a BRRRR investor, cash,and 1 contingency, inspection, and fast close. All this is just fun to me and I very much appreciate your help. ken b