All Forum Posts by: David Schmid

Hello all - is there a Manchester CT meetup anytime in the near future?

Warmest Regards - Dave

Annette - Welcome to BP. I also am an investor in Maine and also own several modular home distributorships Maine.  We "build" quite a number of homes each year.

Do you own the land that the cabins are being built?  If so, you may be able to use this as collateral if the land is worth enough to cover your down payment. 

Welcome to BP.  Congratulations on becoming a member of the Bigger Pockets community.  I'm investing in Maine as well and will send you a connection invite. 

welcome to bigger pockets!!   I'm also investing in Maine.  Sending connection

Welcome to the Bigger Pockets community. I want to encourage you...it is NEVER too late to start investing in real estate. Congratulations for making a decision to learn and become part of a community that helps people at all points in the real estate journey. Check out the podcasts. I have learned a great deal from them and many of them are classic and timeless.

Derreck - It sounds like driving for dollars lead you to a potential great find.   You clearly have done a great amount of research and know the property very well.

I agree with Joe, the daughter is the key.  Tax Acquired Property laws in New Hampshire are usually auctions which would drive the price of the house up especially if this is in the Seabrook to Portsmouth area - very desirable area.

Good luck and let us all know how it turned out.

Dave

Originally posted by @Adrien C.:

Dave- I'm originally from Maine and have thought of moving back until I talk with my Uncle who has several MFHs in the L/A area. The regulations in Maine are crazy restrictive compared to IN. My sister has been renting a house from the same guy for several years. After a trip to Europe, they had a bed bug investation. They stuck the $1200 extermination bill on the landlord because it's his responsibility. I could see that if they just moved in but not 3 yrs later. He paid it without arguing but promptly raised their rent enough to force them out. I can evict in under 30 days in most situations here and usually by the end of the month for nonpayment. Props to you guys who deal with it up there. 

Shameless plug- we have turn keys with great numbers here in NW Indiana. PM for details. Great for out of staters (just ignore my occasional yellow letter to absentee owners). 

 Love your shameless plug!!  Actually I am from CT and invest mostly in Maine on the residential side as I have found they are easier to deal with than CT.   I'll honk to your uncle when I drive through L/A tomorrow!!

Originally posted by @Account Closed:

How does this protect you from renter induced damage? If its last months rent, they simply don't pay the final month before they leave.

 Ansha - appreciate your comment and sediment however it has been my experience that if you are into an eviction process then the tenants are usually not paying - this at least provides some accessible revenue immediately - maybe California treats deposits differently than Maine but we are not allowed to touch these funds until after the tenant leaves. 

Kadian - great post indeed. As an investor and an executive in several companies, this approach would be well received by most successful people. Most successful people have a band with the problem of time. Anyone that is eager, hungry and motivated will resonate well with a highly successful person. I do a variation of what you say but in reverse. I look to hire someone for a very low wage with the opportunity for them to learn grow and be meant toward by someone that will not just be a resume builder but could bring them into a sweat equity partnership with me. This is been very successful for me and I found some of the best people I've ever worked with doing this. I find this works best with recent graduates from college. Almost to a person they have been hard drivers and have entrepreneurial skills that are yet to be understood or harnessed. Great job with your post and figuring this out at such a young age. Best – David

Hey Josh - Quick search on google brought me to this article (1.5 years old) for you where they say no separate deposit acct is necessary. https://www.landlordology.com/indiana-landlord-tenant-laws/ That said, you can probably get a quick answer by calling the Housing Authority in Indiana. While I am not an investor in Indiana, I am an investor in Maine. In Maine we do have to have a separate count for deposits. This actually get checked in the state of Maine from time to time. I've stopped taking security deposits and started taking first and last months rent instead. This gives me some breathing room if somebody does not paytheir rent and I have to go through the 45 -60 day process in Maine for notice and eviction. All states are going to be different and some of your strategy will need to be tailored to the specific state you are operating. Best - Dave