Learning Maine Real Estate

[Ahmad Mian]

Hello, 

I am interested in investing into Single/Multi Family Homes in Maine. For someone that is new to real estate, what are some things I can do to fully understand the market from a distance? Can anyone share their thoughts on the real estate market in Maine and where I can go to educate myself on it? I am interested in areas like Westbrook, Lewiston, Biddeford, etc. 

Thanks!

[Jen Whitehead]

@Ahmad Mian, The three areas that you mentioned have similar histories. They're all cities on a river, which made them great for trade. They all had very successful mills, that began to shut down in the 80's and 90's. This caused the area's economies to become depressed. But the past couple of decades have shown how Mainers are resilient and will always come back stronger. The mills have been restored and used for local businesses, artists and amazing restaurants. I have lived and have family in the Westbrook and Lewiston areas and my office is in Saco, next door to Biddeford.

All three of these areas, but especially Lewiston, all have room to continue their growth. Lewiston recently won a major $30 million grant, called the Choice Neighborhood Grant. This area also has some of the best cash flow in the state. It hasn't always had great appreciation and there is still some stigma around the "tree streets" neighborhood but it also has a lot going for it, being only 45 minutes from Portland, Bates College, more diversity than most of the state and excellent hospitals. 

Please let me know if you have any other specific questions, I'd be happy to help!