All Forum Posts by: Chris Mendoza

Hey @Chris Mendoza go to their website, click on blog, and then scroll down and they have 2020 and 2019 data for the Blue Ridge markets (as well as many others).

Hey Sam, we just closed last week on our first STR cabin in Blue Ridge. It should be up and running by the end of the month. Have you checked out the resources through the Short Term Shop? They posted the 2020 numbers for Blue Ridge and Ellijay recently. If you want to chat more about it let me know and send me a DM!

Hi Chris,

As an investor who recently switched from short-term to long-term rentals in Portland, former Portland City Councilor and REALTOR, I suggest becoming familiar with the pending referenda and the city's rules and processes.

Feel free to contact me to discuss further.

Here is a link to the current ordinance PDF from portlandmaine.gov that starts on page 34:

https://www.portlandmaine.gov/...

Here is a link to the proposed language of the referenda questions with short-term rentals on page 14:

https://www.portlandmaine.gov/...

Here is a link to the Press Herald story on referenda:

https://www.pressherald.com/20...

Here are some links to the PortlandMaine.gov concerning short-term rental registration:

https://www.portlandmaine.gov/...

https://www.portlandmaine.gov/...

@Chris Mendoza an alternative market to Portland is the Biddeford/Saco area. It has seen a lot of revitalization recently and isn’t as high price wise as Portland and still has plenty of upside.

Portland is not a good option for new STR opportunities, unless you plan to owner occupy the space, which is obviously limiting. From an STR standpoint, I believe Portland is currently capped at a non-owner occupy license number of 400 units. There is a wait list. You can do an STR without waiting, but it has to be "owner occupied" aka you live there as your primary residence. South Portland rules are even worse.

The market for rental buildings is strong and has blown up over the past 10 years. The cap rates have compressed from 12 to 6. There isn't a lot inventory, especially for buildings above 7 units so it's hard to stack unit count.

Portland is great and I do my best to continue to invest, but a lot of the growth and popularity is priced in and reflected in the listings. 

Ned, thank you for your reply. Are you familiar with the multifamily market up here? Are houses going over asking and by how much? In my market in NJ, it is not uncommon for multifamily homes to go $100k over asking. So basically I am trying to find out how competitive the market is.... I was driving around and saw a ton of development, flips, and what seemed to be larger multi-unit homes which is awesome 

Glad you're enjoying your time in Portland, it's a great city. As far as resources go, you should reach out to @Dan Weber - he's a Portland investor that knows a lot about the area. 

The biggest thing to be aware of for short term rentals in Portland is there is actually an option on the November ballot to ban short term rentals altogether in Portland. The overall rental market in Portland is extremely strong because there is extremely low supply and very high demand. If you talk to Dan he can speak a bit more to this, but in some ways the towns directly surrounding Portland may yield a better return and far less government red tape to deal with as compared to Portland itself.