All Forum Posts by: Dan Weber

Hey @Dan Adams, ADU's in Portland are still a newer topic and builders are the ones who are savvy enough to have figured out the rules to market to homeowners efficiently what they can offer. I'd highly suggest coming to one of the local meetups to network with other locals that are interested in doing this. Here's the info for our next meetup:

https://www.biggerpockets.com/forums/521/topics/1182656-real...

Hey Everyone,

April's meetup is going to be a little later again this month, on Thursday 4/25 from 5:30pm-8:00pm at Three of Strong Spirits. The address is 35B Diamond St, Portland. Looking forward to seeing everyone!

https://www.meetup.com/southern-maine-real-estate-investors-meetup-group/events/300029955/?isFirstPublish=true

Cheers,
Dan

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn, Old Orchard, York, Kennebunk, Sanford, Augusta

Hey @Eric Ticas, some clients of mine have a few multi's in Rockland that they purchased back in 2021. I'd be happy to connect you with them. Outside of that, each submarket in ME has a different flavor, depending on what your goals are. Send me a dm, I'd be happy to connect offline and share more details!

Most people don't have a keyword alert set up for Sanford. Investors in and around Sanford are more than welcome as well.

Hey Everyone,

This month's meetup is going to be at Après in Portland on Thursday 3/14 from 5:30pm-8:00pm. The address is 148 Anderson Street, Portland. Looking forward to seeing everyone and catching up.

Cheers, Dan

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn, Old Orchard, York, Kennebunk

Hey Dan,

You’re in a great situation with this house, it’s a high level problem to have. One metric I love to use in your situation is “return on equity”. If your costs are $3500/month and it rents for, a best case scenario, $5000/month, you are cash flowing $1500/month. That is $18,000/year. If you divide that by your equity of $580,000, your return on equity is around 3%/year, and that’s best case scenario. At $500/month, your ROE is a little over 1%. Regardless of the great financing terms, it would be pretty easy to sink that equity into another investment property that beats that 1%-3% annual cash flow return. Obviously there are some appreciation and tax benefits, but another investment property will also have those same benefits.

Oftentimes, the 1031 can definitely be a leap of faith when you don’t have another property lined up to purchase. But with those return metrics, you could park your money just about anywhere else and get a return of 6%-10% and be making more money with that equity. I would hook up with an investor focused agent, whether it be local or out of state, that will really be able to help you find something under the time crunch of the 1031 to avoid those capital gains.

The other thing to consider that is that if you lived in the home for the 2 of the last 5 years, and are married, then you won’t pay capital gains taxes on the first $500k of gains.

I hope this is helpful. Feel free to shoot me a dm if you want to discuss in more detail.

Hey Glen, congrats on starting down the path towards investing! Like others have noted, there’s many different ways to go about the journey of real estate investing so starting with the end in mind (monthly cash flow number) and working back from there is the best way to do. That will give you immediate next steps for properties to target and what to invest in. I’d be happy to jump on an intro phone call and talk more about your goals. Also, I would encourage you to start attending the local meetups to learn from what others are doing. My next meetup is tonight, would love to see you there!

https://www.biggerpockets.com/forums/521/topics/1168261-real-estate-meetup-february-maine?page=1#p6653900

@Charles Lomolino III shoot me a dm and I can connect you with someone.

@Jason Chase come connect with a bunch of us here:

https://www.biggerpockets.com/forums/521/topics/1168261-real...

https://www.biggerpockets.com/forums/521/topics/1168261-real...