All Forum Posts by: Brandon Hall

Hi Nazari, I live in South Portland and am a full time investor, general contractor, and agent. I am always buying good deals, and am happy to connect and see how I can help out. I got my start wholesaling (although yes difficult in Maine), and used that to buy my first flip. I buy both flips and BRRRR's and run the projects as GC. We sub out all electrical, mechanicals, plumbing, and some exterior and flooring. While we do the rest of the building ourselves. If I am not working on my own project, I am most often doing some form of carpentry or remodeling for a client.

I know a few hard money lenders in Maine that can be flexible. Shoot me a message and I'll get the info over to you. Obviously has to be a great deal and the plan has to be solid, but if its a truly good project there is always someone to lend on it.

Hi Michael, I live just north of this in Kennebunk. First off, hard to say about going nightly rate as it depends on what you plan to do with the property i.e. are you renovating then renting, just furnishing, planning on renting for only 7 nights minimum, etc. However, speaking to what @Michael Baum post says, something in the neighborhood of 500 a night isn't unheard of up here. I am not a STR specialist in southern Maine, but I can connect you with a management company that is and would be able to give a more exact guess. But I do know that people often spend thousands on a beach house for the week, and depending on its proximity to the water, will pay even more.

The subject property you listed is in a solid location, its close to both Short and Long Sands Beach (two beaches in the area). Its not right on the water but definitely close enough to make it count. In regards to the renting season I know most STR beachfront owners follow the scheme of renting May-October on STR and then doing a mid term rental for the remaining months. The mid term is obviously much cheaper, probably closer to the 1700+- range, but the STR season would be profitable. That is why it is showing such high occupancy on sites like VRBO.

I also agree with the point above that to compete you would want to renovate and bring in some amenities, but like I stated earlier, it depends on your target rental amount. I hope this helps, and if you need someone in the area to talk to let me know! I am an agent, and specialize in investment properties, owning multiple myself.

Hey Jason,

Would love to connect. I live in Kennebunk, and invest in both Southern and Central Maine. I have experience with both fix and flips, and the BRRRR strategy. Lets connect!

Hi Jen,

I am an agent with BHG- The Masiello Group, but mostly just work as an investor in the southern/central Maine markets, but here are some answers to your questions.

1) Nothing in particular. But as I am sure it is somewhat obvious if you are getting it to work with clients, it can be difficult to find them at first. Also, while you have freedom of schedule, most clients tend to want things done around their timing so plan on having showings outside of regular working hours for sure.

2) Yes definitely. I am an investor and landlord first, I also run a general contracting company during the day, and then work as an agent with what time is left.

3) The best time to buy is always yesterday. Well not always, but there is no way to know whether a market is going up, down, sideways, etc. for sure. There might be indicators, but there will always be those that think it is going strong, and those that think the sky is falling. Depending on what your purchasing/market plan is, there probably isn't a bad time to buy. Especially if you can create some equity, and if it cash flows. Cash flow usually doesn't go away *assuming you can manage well*.

Thanks Robin!

Thanks Josh!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $37,000
Sale price: $224,000

A quick fix and flip in Lewiston Maine, that yielded us about a $42K profit. Property was neglected but not overly abused. Rehab budget was $25K (mostly cosmetic and electrical/plumbing updates), and square footage was ~1200. Work was finished in a month and a half, took a little bit to sell because of the market, and higher supply in Lewiston. But ultimately we got it sold and made a solid profit for the work completed. Bought off of a local wholesaler, and looking for more!

What made you interested in investing in this type of deal?

We will buy these any day of the week. Met the 70% rule which is what I run my business by, and also could have been BRRRR easily.

How did you find this deal and how did you negotiate it?

Bought off a wholesaler, purchased for their asking price of 120K.

How did you finance this deal?

Local hard money lender, using his own funds.

How did you add value to the deal?

Completely remodeled cosmetically, redesigned kitchen, furnace update, electrical updates.

What was the outcome?

About a 42K profit!

Lessons learned? Challenges?

First property we have completely subbed out jobs we don't like doing (plumbing, floors, etc.), and its well worth the money. Also I usually just utilize the local dump to save money, but using a dumpster here was key, and will be the only method going forward.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just myself, as an agent I would be happy to help anyone looking to invest!

Hi Melanie, I have a building in South Portland and Lewiston currently, and also bought and sold one in Biddeford previously. Maine is a great state for investing, some things that take a little getting used to but all in all its a great play. First recommendation is to go to the BP meetup in Portland. Dan Weber usually hosts it, and its where I got my start. Lots of good investors with great advice there, usually it takes place the second Wednesday of the month at a local brewery.

Aside from that, if you have any questions let me know, I'd love to help out if I can!

Hi Alex,

Construction costs are IMO the most difficult thing for investors to learn and get a grasp on. It is difficult to know what goes into building a house until you actually do it. That being said if you need help discussing options with your Maine property let me know, I am an agent and an investor first in the Maine markets. I have done both flips and BRRRR's and specialize in construction knowledge. I would love to talk about how you could get the most out of your property here in Maine and what some options might be!