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Updated about 3 years ago,
New to S. ME - looking for firsthand feedback on MFs
Hi, I recently relocated to southern ME for a new job in the Portland area. Still not sure where we will end up for our single family home but would like to purchase a MF unit in Biddeford/Saco/Westbrook/Portland/South Portland area. I've been a landlord of a 2 family for about 10 years and find value in making small improvements myself and being a property manager. That recipe could change here in Maine, but i'm generally familiar with the ups and downs of a rental and tenants. My 2 family is in CT which I will likely sell in the spring and 1031 into a new property (ies) here. I'll have some capital to deploy from the sale of my MF in CT and it could be used for for a single large multi family (8-12) units or multiple 2-4 MFs. I could also do a cash out refi for my property in CT , both are options but im leaning towards selling.
I'll need help with the 1031 , commercial financing, insurance, probably and LLC setup, maybe a property manager and would love to hear from people on the ground here making investments in these areas for multi families. From my cursory review of what's available, it def looks like there are some decent options. Nothing earth shattering but decent and I like to work where I live so to speak so investing locally is my cup of tea.
Thanks in advance, feel free to reach out via DM if you think you or a colleague can help with any of the above.