All Forum Posts by: Tim McClary

Have you thought about ductless mini-split heat pumps?  Most people just call them heat pumps. They have a condenser outside, some lines that run through or up the wall, and a head unit inside.  

Heat in the winter, cooling and dehumidifying in the summer.  

I have these in my own place: https://www.fujitsu-general.com/us/residential/index.html

I'd recommend looking at the smallest local bank or credit union in your area that you can find. Some of the big guys like Wells Fargo or Bank of America might not have an appetite for a small loan.  The smaller banks and credit unions might charge you 0.5% or so higher than the larger banks, but they'll have the products you'll need.

I would analyze them on a cashflow basis and calculate their CAP rates and compare those. What's the ROI on the high end ones as compared to the dumpier ones?

I'd also think about my network and if the people you'd be flipping the contract to would be buyers.  Do they usually deal in A+ properties?  If so you may have a harder time.

I think @Brandon Turner talked about having the seller break each property out in a multi-property sale so that you can see their motivation and the value that the seller has in their own mind.

I would contact your attorney and do a title search as you would when you buy a property in a conventional sale.  After a title search has been completed and any liens dealt with, you should be able to get title insurance. 

Its possible the title search could expose issues, but without knowing exactly what's out there no one is going to issue a policy.

Good luck!

I had a ROW over my lot and it was never an issue.  Some people may balk at buying home with a ROW ON their land, but it seems less people have an issue buying a home that has a right of way TO their land.

It's fairly common to have them in Maine so provided the road is in good shape and generally out of site of the house I wouldn't be concerned.  

@Nathaniel Seekins that's great. I've got a huge BRRRR project I'm working on so I'm excited to hear some ideas.

Bangor has a great group that meets the first Wednesday of the month.  It's a good time. Sometimes we even talk about Real Estate. 

If you see a livable or rentable sub-$50K duplex in Bangor you're going to have to fight me for it.