All Forum Posts by: Brian Plowman

Brian Jensen at cross insurance in Windham 

PM me if you want his number 

We typically have a GL that covers the company and our agent does a builders risk policy on each project. I have not encountered any language stating “inland marine property”.

I would rather spend the 600$ and be safe than risk it just to save a few dollars. 

I use Brian Jensen at cross insurance in windham. He’s very hands on and makes sure we are getting good deals on our polices but are not sacrificing coverage. If you can his info I would be happy to share it 

Who pays heat ? Plowing? Lawn care? I would factor in management 8-12%. You may self manage now but that might not always be the case. 

I am looking to finance a 8 unit in my local area and I was curious if anyone has any experience financing (conventional 20 year variable) a commercial property fixing it up and then doing a cash out refi for similar conventional terms. 

Are you purchasing this as a business or will you be purchasing this under you name? 

I agree with Aaron. Going rate in southern Maine is easily 75-100 dollars a door. I would never give a per hour price on setting a door. Some openings have a wind or are way out of plumb and you can fuss with it for a while. It sounds to me like you are getting a good deal.

Typically the bank finances the purchase amount of the loan. But there are programs such as the FHA 203k loan where you can barrow the purchase price and up to a certain amount for improvements.

Example- You buy a home for 70k but it needs 20k in improvements, the bank will finance the 90k (with an FHA 203k). However you need a contractor to give and evaluation and line item report of what needs to be done. Also they need to be an FHA 203k approved contractor.

That`s how it pans out here in Maine anyways

Mostly MLS. However I do sometimes get leads on multi`s not on the MLS yet. I see you are a broker as well! What company do you work for? Also what areas are you looking for multi`s. I am a fan of the Westbrook and biddeford areas

Welcome @Malcolm Gordon, There are a lot of good options out there in the greater Portland area!

Its good to see other active Mainers on the board!

I am a real estate agent in the Portland Maine area looking for investors interested in multi family properties. I have found a few listings with high annual returns in the 10% plus range. Accounting for maintenance, capital expenditures, vacancy rates, and a 10% management fee. If you self manage your return will be a few % higher. If you want to take a look at my numbers and the listing let me know.

I would be capitalizing on these deals but I do not have the capital.