All Forum Posts by: Brian Mitchell

Thank you all!  Some great info here.

Hi All,

I am considering a purchase of a single family home which, most recently, was used as off campus college housing.  The Town considers this a Single Family, as opposed to a Boarding House, and will allow the owner to have one lease going for the tenancy.  The Codes Department says they are OK with multiple signatures on the lease, however, it must be one lease.  In other words, if I purchased the property I couldn't create 6 separate leases for the 6 total bedrooms.

Questions for the BP Community....  Has anyone experienced this form of leasing before?  One of my concerns is the annual turnover rate given the changing School Years.  How would a landlord go about attracting new tenants?  I would think Craigslist would be a start, but what else?

The college charges around $6,800/year ($755/month) for student housing, per student.  My numbers for this property based on this and area rents have each room going for $700/month which would include electric, cable, internet, water, and sewer. 

The college has an initiative going to try to keep as many students houses on campus as possible, they are building new dorms to help with that.  I have a call into Student Housing to learn more about the initiative as well as the future of Off Campus Housing.  This could tell me a lot.

Who has experience in this type of lease agreement?  The numbers seem to work.

Thank you!

Brian

Excellent!  I want to get up to bangor soon.

@Bob Langworthy thanks Bob!  Great to see you yesterday.  Sending my best to you and your family!

Hi All,

We had a wonderful meeting last night and found Sea Dog's to be a great place to host a large group.  During this meeting we spent a few minutes going around the table introducing ourselves.  We all really found this to be helpful and I'd like to keep it going.

Please feel free to bring anyone you wish.  If you have a friend who invests in Real Estate, please bring them!  The more the merrier. 

Happy Holidays everyone!!

Brian

Hi JM,

Atleast for the time being we will have meetings in this area... To pull from Central/Southern, ME.  And, of course, the Mid-Coast.

I hope you are well!

Brian

Hi JM,

Looks like the S Maine Meetup is 11/14, 6-8p at Pats Pizza in Portland.

I recommend checking it out.  I had a great time at theirs back in September!

BM

Hey All,

Thank you for those that attending our first meeting this Tuesday night in Brunswick.  We had 18 show up!

December's Meeting will be at Sea Dog's in Topsham.  Please keep me posted on places we can have future events.  At this event, how about we spend a minute, or so, introducing ourselves and tell the group what we do, what we are looking to do in our real estate pursuits?  Bob Langworthy had the suggestion, thanks Bob!

I hope to see you all there on 12/4.  Please bring anyone you feel could benefit/contribute to the group.

Best,

Brian

Thank you all for coming, what a turn out.  We had 18!!  I'll be sending out December meeting details.

It was great to meet all of you.

Hi Shelby,

Congrats!

I've started a Real Estate Meet Up in Brunswick, our first meeting is tomorrow night at Portland Pie, 5:30PM.  There will be one a month going forward... keep an eye out for those!

Brian