All Forum Posts by: Cody DeLong

Funny to find this thread as I just typed into search for this exact question ans it happens to be in nt atate! Now my only question is, does anyone have any recommendations for some high efficiency propane direct vent heaters? I’m looking at replacing some in my 11 unit I own on the turnovers. The originals currently are super cheap and 0 efficiency. I actually pay for heat at the complex so I’m trying to cut down costs.

@Jeremy A. Candelaria National Bank. Commercial division since it’s an 11 Unit.

@Chris Cyr and @Jeremy A. Central Maine Property Management.

Terrible idea, market is saturated and the rules are constantly changing up here.  Personally wouldnt do it

@Justin Giroux MLS and Auctions are not where the deals are. Deff need to be thinking off market with leads. Have to get creative, all my deals I even look at are off market and cannot be found on MLS or at auctions.

I'm an investor in the Lewiston market, or at least looking for my first one in the market. I own 11 units 15 minutes away in a suburb of Lewiston and the market is good. I believe you're right, Fall River and Lewiston are very similar. In Lewiston/Auburn area the prices are good to get in but not everything is a deal. Anything on the MLS sucks there, its just people who have owned since the 90s or bought during the crash that want to cash out. The market is rough, but there are nice neighborhoods. It's an interesting thing because in Lewiston the closer you are to the city center, the crappier it is.

Best bet is to get some off market deals.  I know a few people right now offering duplex's in Auburn, ones a full rehab at $50-$60k off market, and another is $105k with a value of $150k that needs some work outside.  Personally it will need it inside next turnover as well.  

To get down to it though, the are is gentrifying slowly.  It's going to take another 10 years to get somewhere like Biddeford is currently but appreciation is still possible.  I honestly think a big part of the area getting better is actually providing good housing.  The area has a lot of slumlords that just don't give a ****, and they are also mainly older landlords that want to retire and have been doing it for years.  

I'd suggest getting a rockstar property management company too. I can recommend one if you'd like as well.  Good rates, team, and they always have leads on people selling buildings and put together deals.

Maine!  Checkout my investor diary: https://www.biggerpockets.com/forums/522/topics/570146-11-unit-in-livermore-maine

Originally posted by @Jeshanah NaraBemi:
@Cody DeLong where did you buy that many units for that little money? I’m from CA so anything under $500k just seems dirt-cheap to me lol

@Zach Bollman start contacting local banks. I just did a $220k commercial loan on an 11 unit at 4.75% based on a 20 year ammorization with a 5 year term.

Things have been gearing up! We received about 10 service calls within the first 2 weeks and everything was fixed.  Currently still hashing out quotes for various things but should have a new sign, landscaping, and laundry in within the next month.  

We already have our first turnover and possibly more if we have to evict 1 or 2 of these tenants.  Either way thats fine with me as the cash flow on this property is pretty solid and no one has a lease do I'd rather get some new tenants in there if we have to.  Below is the new logo and signage for the front.

Welcome to BP and congrats on your first deal. Is it in Brunswick?