All Forum Posts by: David Marshall

Hi Salena,

John Reed is right that there are too many variable at this point and you should seek the advice of a REALTOR® and that it is all about the numbers. It sounds like you have some great resources lined up.

@John West It is great that you have multiple exit strategies. If I was in a situation like yours, then I would contact potential lenders for the refinance option and see what terms are being offered and how long the seasoning period is for each. The mortgage markets are changing dramatically during COVID so constant updates by potential refi lenders would be helpful. 

@Courtney Avila House hacking is a great way to get started. A house with a conventional loan with 3% or 5% down is an easier way to get started. A duplex, triple or fourplex are other options with 3.5% or 5% down. Like many investors, I got started with a duplex and improved the property every year using part of the rent. As a real estate agent, I see new investors take their first steps by house hacking 1-4 unit properties all the time. The method provides housing and income to help pay the bills.

Hi Ian,

As an investor and a broker, I have found success with house hacking small multi-unit properties in and near Portland. You are right that Portland is a hard place to find cash flowing 2-4 unit properties. The prices are usually too high to make the numbers work without a large down payment. South Portland and Westbrook are great communities and it is worth looking there as well. It really comes down to the individual property and what the market rents are and the current utilities. 

Hi Joon,

It sounds like you may have the resources to get a 4-unit on the peninsula. There is another loan program that may work for first time buyers with multi-units that may have a higher limit for you depending on the census track. It is a good idea to search for properties off-market since the market is so skinny right now. 

Hi Richard, I have several investment properties in Southern Maine. Feel free to reach out. I wish you sucess.

Hi Tyler, Southern Maine has the has alot of competition and the prices tend to be higher closer to the water. Cash flowing properties are hard to find as well as cosmetic flips. The further away from Portland you go, the more opportunities for lower priced properties may be found that will cash flow and an have better numbers for flips.

Robert is right about the Lewiston-Auburn and Lisbon markets, which has 1-4 unit properties around $150k and less. The rents are good for cash flow. Just need to find the right property that does not need a ton of work.

Hi Justin, 

A few months ago I finished a BRRRR on a single family house and it cash flows well and does not meet the 1% guess. I always put properties through a calculator or create a spreadsheet to analyze them.

Hi Autumn, 

Congrats on your decision to become a Realtor. EXP Realty is worth strong consideration as a brokerage in Maine. I started with one of the largest brokerages in Maine and then switch to EXP Realty and I've found the change to be very beneficial. The pandemic has shown the cloud based model of EXP is even more important than ever. Feel free to message or call if you'd like to learn more.