All Forum Posts by: Aaron Bard

 Much appreciated!

@Zachary Tracy

Very true! 4plexes in the Bangor area are out of my price eligibility at the moment. Newport - Waterville area seems to work perfect, with a lot of deals on the market at the moment.

What do you think of that area?

Great info!

I will keep you updated! And hopefully that lobster dinner will be on me very soon!

Thanks!

Hey Everyone,

At the moment, I'm looking for properties in a specific location, but the MLS is dry.

How, and where, do I go to find off-market deals and property owners that may consider selling?

I don't fully understand the non-MLS side of things.

Any advice or guidance is greatly appreciated. Thanks!

@Alecia Loveless

Haha believe me, I'm on Zillow CONSTANTLY it's probably unhealthy.

My biggest issue with finding off market deals...is that I don't know where to go to find them.

Any suggestions?

Thanks for the reply!

Hello!

So, long story short, I have a desired location that I would like to purchase my first 4-plex.

Absolutely nothing is popping up on the MLS. I understand that the market is rough right now and I need to be patient, but I'm struggling with that.

I'm looking at this location purely for convenience sake to my place of work. The area is also desirable, as it is right in between two city-centers, while also avoiding the higher taxes of both.

So, if there are any investors or property owners in or around Pittsfield or Newport, Maine, I would be very happy to connect!

Thanks!

I appreciate the feedback!

1. The rents are only $100 below market value.

2. It's 4, 1-bedroom units and the property is in very good shape for the age.

3. All of the tenants are reliable and pay on time (according to the seller agent).

4. Yes, it has been on the MLS for quite awhile...but the owners have refused to budge on any asking price.

Some of the tenants have been there for 10+ years and I'm fairly positive that some are on fixed-income.

So far, I haven't found any major red flags in that area.

Thanks again for your feedback!

Hey everyone,

So I came across a deal a few months ago for a 4-plex about 40 minutes from my work.

the purchase price is around $247,000 and cash flow would be minimal to begin with. Rents are below market value but can easily be brought up. This particular property is right on the outskirts of a town that has really started bustling in the last few years. (Also surrounded by 3 different universities).

Minimal work needs to be done on the property, as all the electrical, plumbing, and roof are fairly new. There are visible opportunities to add value to the property by making some minor repairs and finishing a little "workshop" room.

The tenants are long term and don't seem to be going anywhere, and appear to be great because the property is still in great condition.

I'm not sure if I calculated the cap rate correctly but it would come out to 0.167% cap rate.

I'm able to purchase with an FHA loan of 3.5% down, and have completed certificates for the state to cover my down payment and much of the closing cost.

Payments would be about $1,700/mo. While gross rent income would be $2,600 after I take over a unit.

Electric is paid per tenant. Heat, other utilities, and mortgage insurance are TBD.

The only downside is that I'm 40 minutes from work, but it's all interstate driving.

Is this a good deal for me to get my foot in the door? Or not a good idea?

Any input is appreciated.  Thanks!

 Thank you so much for your reply, Eddie!

Since you're local, I would absolutely appreciate a time to maybe sit down and grab coffee and talk real estate. I'm grateful for any time or advice that you're willing to sacrifice.

Thanks!

Hi everyone,

I'm still learning how to navigate the BiggerPockets site and forums, so this is a new realm for me.

I am based near Bangor, Maine; about two hours north of Portland. I am in the process of looking for a 4-unit building somewhere within a 30 minute drive of where I work that I can househack.

I have money saved for a down payment, have connected with a fabulous investor-friendly, husband and wife realtor team, have been pre-qualified for an FHA loan, have connected with a great lender, and taken some educational courses in order to qualify for state grants on multi-family properties.

Right now, I have yet to find a property that works for me. So far, they are either too expensive, too far away from work, or violate some small code issue and don't qualify for an FHA loan.

I have plans to purchase a 3 or 4-unit and refinance in the future to either buy more rental properties, or potentially, self storage. But one step at a time.

Right now I just need advice on being patient in this dry market. I have an entrepreneurial itch that it seems only real estate can scratch.

I appreciate any feedback!