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Updated almost 2 years ago,
Private Money Lenders in Maine?
Hello!
I currently manage a 63 vacation rentals along the southern Maine coast as well as 13 long-term rentals & am very involved in that market.
I am currently in the infancy stages of acquiring my first investment property. I have come across a duplex in a local class C neighborhood, which proved to have very healthy cashflow when I ran the numbers using the BP rental property calculator (conventional loan terms). The property need approx. $30k in rehab (generous number), however I have plenty of resources within this region to complete them in a timely manner.
There are a few factors why I believe it makes more sense for me to utilize a PML at this time, but finances are the biggest setback - I have three kiddos and am the head of household and I'm not willing to jeopardize their stability. However, I don't want to see this pass by.
I would love to discuss terms with a PML to see if that route will make it happen. If anyone is, or knows of one, please let me know!
John