All Forum Posts by: Dan Weber

What town in Central ME? I'm wondering if the rent projections are accurate. If they could be bumped up a little then you could have a little more breathing room. The annual insurance cost of $300 is way too low, I'd add another 0 to that. I would price out the insurance either before going under contract or during due diligence. As others mentioned, I'd also include some % for ongoing capex and maintenance.

@Julia Anderson shoot me a message and I can recommend someone.

@Nico Corrao reach out to @Bethany Turon, she's a very well connected PM in that are that can connect you with some contractors for a lot of that work.

Hi @Amy Perry, reach out if you'd like to discuss the Maine markets and what the looks like. It would be a good idea to network with some local investors to see if investing locally matches with your short and long terms investing goals. 

Hey @Mitchell Minutillo, welcome! I'd highly encourage you to come to our next local meetup to networking and learn from others that are investing locally. Here are the details:

https://www.biggerpockets.com/forums/521/topics/1193909-real...

Hey Real Estate Friends!

Our next meetup promises to be a fantastic one, and I can't wait to see you all there.

Date & Time: Thursday, June 20th, 5:30 PM - 8:00 PM

Location: Rising Tide Brewery, 103 Fox St, Portland

Join us for an evening of networking, knowledge-sharing, and camaraderie among fellow real estate aficionados. Whether you're a seasoned investor, a budding entrepreneur, or simply curious about the world of property analysis, this meetup is for you. It is very casual, strictly networking and no formal speakers.

Come prepared to share updates on your projects, seek advice, and forge meaningful connections with like-minded individuals. Together, we'll explore opportunities, tackle challenges, and celebrate successes in the dynamic realm of real estate.

Don't miss out on this incredible opportunity to expand your network and knowledge base. Mark your calendars, spread the word, and let's make this meetup a memorable one!

See you there!

https://www.meetup.com/southern-maine-real-estate-investors-...

Cheers,
Dan

@Jesse Brooks partner/cosigner will definitely be your path of least resistance. Another option that I've seen in the local market is purchasing a heavily distressed or big rehab project with a local hard money lender that will allow a smaller downpayment due to the amount of equity in the deal on the back end. Purchase, rehab, rent it out and then refi with a commercial mortgage. For this to work, you'll need at least 20% equity in the property on the back end through your forced appreciation on the rehab. Many HML may not do 3-5% down but if you could save up a little more, maybe 10%, it could fly. You may also be better off looking in some less expensive markets in ME like Augusta or L/A for these types of deals since your downpayment will stretch a little farther.

@Jagger Boyer get connected with a good property manager on the ground here and you'll do just fine. Shoot me a dm with what areas you're looking and I can recommend a couple of PM's to connect with.

Hey Real Estate Enthusiasts!

Our next meetup promises to be a fantastic one, and I can't wait to see you all there.

Date & Time: Thursday, May 16th, 5:30 PM - 8:00 PM
Location: Après, 148 Anderson St, Portland

Join us for an evening of networking, knowledge-sharing, and camaraderie among fellow real estate aficionados. Whether you're a seasoned investor, a budding entrepreneur, or simply curious about the world of property analysis, this meetup is for you. It is very casual, strictly networking and no formal speakers.

Come prepared to share updates on your projects, seek advice, and forge meaningful connections with like-minded individuals. Together, we'll explore opportunities, tackle challenges, and celebrate successes in the dynamic realm of real estate.

Don't miss out on this incredible opportunity to expand your network and knowledge base. Mark your calendars, spread the word, and let's make this meetup a memorable one!

See you there!

Cheers,
Dan

Maine, Portland, Biddeford, Saco, Westbrook, New England, Brunswick, Bath, Midcoast, Lewiston, Auburn, Old Orchard, York, Kennebunk, Sanford, Augusta

@Aaron Bard ask the HML if they will put a second lien on your other property in lieu of a downpayment. Some lenders are willing to do this for a really great deal. If they say no, reach out and I will connect you with a couple HML that may be willing to, depending on the deal. I would just make sure that you can qualify resi/commercial financing on the back end so that you don't get stuck in the hard money loan.