New Investor in Maine Looking for What's Next

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New Investor in Maine Looking for What's Next

Kyle Baker
Winthrop, ME · Member since 2018 · 11 posts · 2 votes

Good Evening All,

I am a new real estate investor in Maine looking for any and all advice. I am the owner of a new income properties LLC in Winthrop, Maine. I currently own two self-storage facilities (and soon to be three, this month) and hopefully there will be a small mobile home park in the very near future. I'd like to stick in commercial real estate investing, and I welcome any and all advice from you guys in the know. As some of you may know, Maine can be a difficult state. But I have been spending A LOT of time here on BP, been reading a ton of books, and generally getting a great REI education. I'd love to hear what everyone has to say! Areas I'm most interested in are creative financing options (I don't have much cash on hand, especially now), commercial property types, and some of the market trends folks near me are noticing.

Thank you very much!

Kyle Baker

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  • Harrison Smith
    Real Estate Agent · Biddeford, ME · Member since 2017 · 213 posts · 150 votes
    8y

    @Kyle Baker Welcome to BP! Sounds like you are off to a really good start on your REI journey.

    I am in Southern Maine, but would be happy to connect to discuss the market and any opportunities that might be out there. I have significant experience on the commercial side and would be happy to share any and all that I know. If I can help in any way, then feel free to connect with me and we can discuss. 

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  • Dan Barli
    Attorney · Clifton, NJ · Member since 2015 · 1k+ posts · 328 votes
    8y

    Welcome to BP @Kyle Baker! It sounds like you are doing well with your strategy and I hope you continue having success! 

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  • Kyle Baker
    OP
    Winthrop, ME · Member since 2018 · 11 posts · 2 votes
    8y

    @Harrison Smith, thank you for the invite. I will certainly take you up on that. Southern Maine will be an area I will be expanding into for sure. As you know, it's a slow process when you're starting out. One step, one property at a time, I plan to keep plugging along. I will be in touch. @Dan Barli, thank you very much! I am hoping my strategy pays off for me. It's looking really good right now! Thanks again, guys!

    Kyle

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  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    8y

    @Kyle Baker

    Welcome to Bigger Pockets.

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  • Bob LangworthyPro Member
    Accountant · Brunswick, ME · Member since 2017 · 352 posts · 242 votes
    8y

    Welcome to BP, @Kyle Baker! I'm in Brunswick and am also a fan of commercial real estate. Having said that, I'm looking for a residential property for my next investment so that I can gain some exposure to that asset type and see if it is of interest to me long term.

    Keep up the great work!

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  • Timothy Swenton
    Rental Property Investor · Gray, ME · Member since 2016 · 72 posts · 13 votes
    8y
    @Kyle Baker hi Kyle! I live in gray Maine (Southern Me) I have a 4 unit in Lewiston/auburn. I feel one of the best cashflow markets in Maine. Please reach out if you’d ever like to about anything I had found a 28 pad mohile home park in libson? is that too large? -tim
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  • Kyle Baker
    OP
    Winthrop, ME · Member since 2018 · 11 posts · 2 votes
    8y

    @Timothy Swenton, glad to hear you're doing well with the L/A property. It IS a great market there, and I'm hoping we "buy and hold" investors can push out some of the "slum lords" still operating in the area. I am always looking for new opportunities for sure. As you may imagine, right now funding is getting tight. By the winter I will own four commercial properties including that small MHP. I was looking at the same MHP in Lisbon, and no I do not think it's too large. Right now, my preference would be to have as many occupied pads and as FEW "park-owned" homes as possible to avoid headaches associated with rental and maintenance, but that may change as I grow and expand. There seems to be a fair amount of savvy MHP investors who do very well with that here on BP. I'm really enjoying the ride thus far, and I'm looking forward to expanding. I'm always up for sharing ideas any time!

    Thanks a lot!

    Kyle

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