All Forum Posts by: Michael Webster

Hey Hunter, glad to hear you're out looking at least!  The tenant deal might be a little weird but that wouldn't scare me off.  I would definitely want an explanation though. Typically water/sewer aren't separated out in Maine so I'm guessing that maybe the first floor tenant pays the bill and then the landlord covers the second floors half??  

With the foundation it really depends on what it is.  Without seeing it, nobody on here will be able to give solid advice on it.  Depending on the age of the home, it might be completely normal for there to be a crack. Also depending on the area.  I would say that if you run the numbers and it looks good, get it under contract and put a contingency in the purchase and sale for a foundation inspection.  Then find a good foundation person and get them out there once it's under contract.  You could throw that under you general inspection, but I would like a separate line personally just show I'm later able to negotiate around the GI and point straight to the foundation issue and get some money taken off for the issue.

Last thing (of this long rant), is if the foundation is really bad, you might have financing issues.  As described though, I bet it's not that big of an issue.  Let me know if you have any further questions!

@Andrew Beaver If you make your way up to Portland, ME area anytime before then, you're welcome to my old guides.  I've heard our exams are fairly similar.  Otherwise, I'd just brush up on the REC laws and guidelines and foolish things like how many square feet in an acre, feet in a mile, etc...thing that no client will ever ask you but they put on the exams anyways. Good luck!

Yeah, I'm steering my buyers outside of Portland right now as the prices have gone up enough that even the increased rent doesn't make them cash flow.  There are certainly places to buy, it really comes down to what you are bringing to the table that another investor isn't (your "value add" as BP always says).  

If you're looking more towards the Berwicks, Eliot, or even sneak over to Wells, there are some places that make sense. I know nothing about Cleveland though...so I'm not much help there!

@Aaron Perkins Nice. It sounds like you're looking towards the vacation rental side of things, more than just a year lease.  Is that right?  Do you have any experience with AirBnB yet?

@Randall Williams - I don't have much experience in the Bath area actually, we don't manage that far North of Portland.  I have noticed that you've got some well priced units there though.  My first step personally would be to call the property management in that area and see what their vacancy rate is.  

Welcome @Aaron Perkins.  You should find BP very useful.  What sort of deals are you looking to get into?

Chris is absolutely right.  I personally will say that I've done plenty of deals where I don't get a commission on the buy side (laywer's auctions, some Auction.com, etc), but I know I'll get it on the sell side.  I will say...investors that are willing to give me it on both sides and that don't try to cut me down on rates absolutely end up getting more attention.  

Hey Stephen -- You have to be part of a firm (agency) in Maine.  There are plenty of firms that will let you hang your license there and do your own thing though.  Let me know if you need suggestions. 

Hi Tanay, to start off, I have ran a property management company for a few years and I've been a Broker for even more years. Portland rent prices are currently the highest we've ever seen them, so if you're not cash flowing now, I'm not sure I would expect the property to ever do so. If your HOA raises fees, taxes go up, etc, then you're all the sudden paying monthly to own an asset.

I would say you should consider selling and moving that money into something that does cash flow like most single family homes in the city do.  Ultimately, it really depends on your long term goals though.  If you want the condo as a place to visit occasionally, then that's very different than looking at it as a pure investment. 

Does he have income shown from time in Germany or is he just now starting to work?