Buying Property In Maine

[Reed Baker]

Hello BP community,

My friend and classmate, Collin, and I posted a couple of weeks ago about buying an investment property in Brunswick, ME to rent out to Bowdoin College students. For reference, we are both tenants in off-campus houses that command rents well north of 1.5% of the home prices. We have seen firsthand the cash flow that landlords are able to take in each month, and we have decided we want to be the ones receiving the rents instead of paying them out.

With that said, we are beginning to expand our search outside of the Brunswick area into nearby towns such as Lisbon and Bath. If we were to make our first purchase in one of these, however, we would likely rent to families, not students. This has opened up the possibility of buying a multifamily home as our first property. Should we be focusing on a certain property type as our first investment in Maine, or should we keep our options open? 

Thanks for taking the time to read this post.

Collin & Reed