Specialist · Sabattus, ME · Member since 2020 · 6 posts · 1 vote
Hey everyone, I’m new here and I’m also new to investing in real estate although I’ve been considering it for some time. I live in Maine, and I’m considering looking for a duplex outside of Charleston, SC to serve as an investment property, but also as a place for me to live during the colder months. My business in Maine is definitely seasonally impacted and I’d like to be able to continue working someplace warm! Do any of you have any thoughts or opinions on doing something like this? Thank you!
@Carl HebertHi Dave and Carl. Allow me to jump into the Maine fray. I was born in Westbrook, grew up in Cumberland. Small world here on BP! I left Maine in '98 but my Mom and a bunch of family and friends are still there so I get up there when I can. In fact, I'm looking at buying a lake lot north of Waterville. I've worked with many investors of SFR and duplexes here in SWFL so if I can help you out, let me know.
Hey @Dave Perlman, I bought a duplex last September in Cape Coral Florida for the same reason. Love it. Rented out one side and we live for less then renting in the other while building equity at the same time. You also have the option, depending we’re it is, to rent it out when you are not there. My wife and I truly do enjoy it and do not miss the Maine winters at all. Carl
@Carl Hebert that’s really good to know! I’ve spent 30 years in New England, I’m ready for a warmer winter haha! Also, really small world, but you’re not related to Donnie Hebert are you? I’m from Auburn too!
I think that is a great way to go. Envoy warm sunshine while someone else partially pays your bills. Multi family properties are in high demand right now and there are options whether you want brand new or resale. I am an investor and realtor in a Fort Myers -Cape Coral area, let me know if I can answer more of your questions .
@Carl HebertHi Dave and Carl. Allow me to jump into the Maine fray. I was born in Westbrook, grew up in Cumberland. Small world here on BP! I left Maine in '98 but my Mom and a bunch of family and friends are still there so I get up there when I can. In fact, I'm looking at buying a lake lot north of Waterville. I've worked with many investors of SFR and duplexes here in SWFL so if I can help you out, let me know.
@Peter Davis I’m not sure if you can help me, but I may be able to help you. I’m a real estate photographer and I shoot a good number of land lots. If you want me to let you know if I see anything you might like, Let me know. I’d obviously see them before they go live!
@Peter Davis oh sorry I misread what you wrote and didn’t think you had already found land. Very cool, hope it works out for you! I’m about 40 minutes south of Waterville near Lewiston/Auburn
@Dave Perlman I think that's a terrific way to offset the expense of owning out-of-state real estate. One thought to consider is renting out one side as a long-term rental (1 year lease) and then the side you choose to live in rent out as a short term rental or AirBNB. This would enable you to maximize the cash flow while you're not living there as long as the location supports STR. You would have the flexibility to block out the weeks or months that you're planning on being there and renting it out the rest of the time. Another consideration is doing shorter leases on the side you choose to live in. Rather than a STR approach you could always implement a 6 month lease for when you're in Maine. Just some thoughts!
@Dallon Schultz I was wondering if you could do an AirBNB type deal if you have a full time tenant in one unit. That’s good to know, and likely a route I would choose to go. The more I look into this, the more plausible it seems!
@Dave Perlman definitely look into the neighborhood and make sure the HOA or some other governing entity doesn't have any rules or regulations regarding AirBnB's. As far as a financing stand point I'd run through some of the different scenarios you're considering to see what would be the best approach to get the most promising financing terms. If it is a secondary residence and investment property you'll most likely be expected to put at least 25% down. I reside in the Phoenix area and personally know some operators that own 100+ unit properties and will turn a few into STR to boost their NOI. I would also speak with multiple lenders familiar with that market on how the STR could benefit or hurt you if you chose to refi and take money out for another investment.
@Dallon Schultz Thanks man, that’s super helpful. I’m pretty new to all of this, I appreciate you sharing all of that with me! I was thinking that I could possibly do some type of first time buyers loan depending on what’s available. If I bought, it would likely be in winter and I’d be happy to move in right away!
@Dave Perlman I do not think you would have a problem with what @Dallon Schultz is suggesting, I would suggest you check with a local agent or do some research yourself on if you can airbnb in the area you are looking to buy as it does change from one area to another.