All Forum Posts by: Justin Bearce

My goal is to leave my job when my real estate portfolio makes me twice my current income.  I chose this because i want to continue building momentum at a good pace. If I just replace my current income then I am back at the starting line without a lot of disposable income. So I want to double it while also reducing my monthly expenses. I also want to make the switch in the next 4-5 years (by about the age of 35).  I am also an engineer and I love engineering but I think I personally don't like as someone said before running around the hamster wheel looking for treats. I want to do my own thing and enjoy my life on my terms. I know this isn't quite the answer to the question you asked but maybe it helps!

Hey Kyle, 

I am in investor in the Waterville area. I say that being brand new just having purchased my first Duplex in Winslow, which I am working on rehabbing. I am not sure if your goal is to drum up some work for your business or discuss real estate, but I would definitely be interested in making some connections in the area!

Best,

Justin

Michael,  I am from Maine and also an Engineer. I do not have much advice on how to do the financing on this other than you will need a commercial loan and a strong business plan with some numbers related to the demand in the area and competition.  I wanted to point out there are facilities like this such as one in Brunswick ME at the old air base. They offer shop space an have open to use machine shop and office spaces for rent.  I personally have also dreamed of making a space like this but more maker space with some equipment available for use and then smaller shop spaces for small companies that needed space to grow and could benefit from the machines I had available.  

Sorry rambled on there a bit, and I wasn't much help im sure. But the main point is make sure you have all the data for comparable spaces.  It may take some digging but also see if you can find if they are constantly full or always accepting applicants. These things will help you develop a business plan to show why your building would be profitable. I am also very interested to see where you go with this and hope you post some updates!

As the title suggests I am under contract for my first duplex scheduled to close next month.  It will be a house hack as I will be occupying the downstairs apartment while renting the second floor. It's currently occupied with rents well below others in the area. For a 2 bedroom in the area with heat and hot water included I see $950 a lot and this is going for $700 currently. What is the best strategy for raising the rent? I plan on doing some work to the first floor unit when I move in so i would like to not worry about finding a new tenant for a while. To make the numbers start to work I need at least $800 for the unit.  Preferably $900 but I figure it will need some work before I jump to that. So any suggestions on that front?

Secondly, I want to build a portfolio as fast as is reasonable. After this deal I will have between 2-3k to put into savings each month. I like the idea of the BRRRR strategy but with the turmoil in the market atm is that a good idea for a newbie atm? I also like the idea of small multi family properties which I figure are a little safer because if the numbers work out now they should still work out a year from now regardless right? It will just be slower going buying new properties.

any thoughts on these topics are greatly appreciated!  I am super excited to be buying my first rental property!

Thanks Pete, ill do my best to be there!

@Jaysen Medhurst This is the article I read, but i have also seen a couple others and some points seem to fluctuate between what they are saying, such as percentage of residential to commercial space. 

https://www.fhanewsblog.com/2017/12/can-i-get-an-fha-loan-for-a-commercial-property/

I recently discovered that FHA loans will allow some amount of commercial space in a property so long as it is doesn't overshadow the residence. I am looking at a live in motel situation where there is a one bedroom home with an office used as a reception area and a basement used for mixed storage and laundry. It has an additional 2 bedroom mobile home on the property and 5 motel rooms. It is situated on 5.5 acres and additionally has a 2 story garage. Is there any situation where this could be considered for an FHA loan?

Thanks in advance.

Hello,

I am fairly new to real estate investing and am looking to network and meet people of a similar mindset. Ellsworth is a bit of a trek so I am just wondering how many people generally attend this event?

Thanks

Wow I cant believe I admired him... He was one of the first youtube channels that really got my attention and spoke to me. When I was first looking into real estate I watched all the videos of his I could find and his target market seemed to make sense to me. Never intended to invest with him though so I guess I am lucky there. Just weird to see one of the people you learned from exposed as a fraud...

Well I have clearly made myself look the fool as from this expenses look more like $4000/month... Still Leaving this a good deal but far less exceptional.