Investing in Downeast Maine

[Jennifer Sala]

Hi, all!

I live in Ellsworth, Maine, the fastest-growing city in Maine for years, and there are a lot of distressed old homes that are really fabulous when they're rehabbed. It's a great place to flip, but I need help starting out so I wanted to introduce myself here.

I have a combination of unanswered questions, trouble finding good comps since "neighborhoods" aren't usually a thing and there are a lot of variables like proximity to the ocean/lakes and land size or type, and a bit of information overload as I study investing. If anyone has tips for comping rural properties like this that would be great!

The other issue I have is that I took a commission-based job back in January and was told to expect $50k/yr but then sales have been down across the company by 20% all year so I'm making around $800/mo LESS than expected ...the very $800/mo I had planned to put in savings... so I don't have any cash up-front for anything and student loans are killing my credit again. I'd love to pay them off but I need some of that REI money to do it :) I'm not about to look for another 8-5 knowing I was much happier being self-employed and can do it again soon!

So far, my plan is to do a few wholesaling jobs to start and then get into flipping when I have some cash and can quit my 8-5. My mom and her dad used to flip houses so she's of the mind that's the way to go - I'm down for whatever but given my situation I don't have months and months to wait on the fix and flip. Are there any PMLs who work in my area that want to help?

Thanks!

Jen

[Eddie Gonnella]

Quote from @Jennifer Sala:

Hi, all!

I live in Ellsworth, Maine, the fastest-growing city in Maine for years, and there are a lot of distressed old homes that are really fabulous when they're rehabbed. It's a great place to flip, but I need help starting out so I wanted to introduce myself here.

I have a combination of unanswered questions, trouble finding good comps since "neighborhoods" aren't usually a thing and there are a lot of variables like proximity to the ocean/lakes and land size or type, and a bit of information overload as I study investing. If anyone has tips for comping rural properties like this that would be great!

The other issue I have is that I took a commission-based job back in January and was told to expect $50k/yr but then sales have been down across the company by 20% all year so I'm making around $800/mo LESS than expected ...the very $800/mo I had planned to put in savings... so I don't have any cash up-front for anything and student loans are killing my credit again. I'd love to pay them off but I need some of that REI money to do it :) I'm not about to look for another 8-5 knowing I was much happier being self-employed and can do it again soon!

So far, my plan is to do a few wholesaling jobs to start and then get into flipping when I have some cash and can quit my 8-5. My mom and her dad used to flip houses so she's of the mind that's the way to go - I'm down for whatever but given my situation I don't have months and months to wait on the fix and flip. Are there any PMLs who work in my area that want to help?

Thanks!

Jen

Hi Jen, there’s a real estate meet up in Ellsworth once a month that I’ve been going to. It’s been great and I think it would help you a lot. The next meeting is November 30th at 7pm. Send me a message and I’ll try to get you added to the Facebook group!