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All Forum Posts by: Stephen Dee

Stephen Dee has started 6 posts and replied 23 times.

Post: Looking for a recommendation on an Agent in the VT area

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

Good Morning, 

I am looking for a recommendation on a real estate agent for the Killington VT and/or Okemo VT area. 

Thanks

Post: Commercial or Personal Insurance policy

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

Brooks, 

After doing some research, I am finding out that I don't need a commercial policy. Which is great. I stand to save a considerable amount on insurance by changing back to a personal policy. Lesson learned -- trust but verify. I shouldn't have set the insurance on autopilot. 

Post: Yearly Rental increase

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

@Joyce

I am on the high end of the market with good tenants. So while I agree with you about using the increase to drive out undesirable tenants. I am just looking to keep up with inflation. Thanks for the input. 

Post: Yearly Rental increase

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

Bryan, 

Thanks for the input! I agree, I think a $10-$20 increase on $900 is never going to cause a tenant to move if they are happy and well taken care of by the landlord. 

Post: Yearly Rental increase

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

So I was having a discussion with my partner about increasing rents yearly. I wanted to do small increases yearly. Figuring if I increased slowly, but consistently I would increase the rent roll and most tenants wouldn't react to $10-$20 increases. What are your thoughts? Do you increase during tenant turnover, yearly or every other year? What kind of increases are you asking? 2%-4%. 

Post: Commercial or Personal Insurance policy

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

Hi, 

I have two insurance agents steering me in two directions with my property insurance for a 2 family property. I do not live at the property. One agent told me I need a commercial (business owners) policy for the property because I don't live there. The other said, as long I own the property personally... not a LLC... I can choose a person or Commercial policy. Does anyone have thoughts on which way to go? It is cheaper to go with a Personal policy. Also, what do most people hold for liability coverage? $500,000 or 1,000,000.... or more? I've only got the one property. Any recommendations or input on the subject would be appreciated.

Thanks

Post: Buy and Hold in Maine - Seeking Advice

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

@Eric Danielson, 

Nice. That's a good rent. 

Post: Buy and Hold in Maine - Seeking Advice

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

@Eric Danielson I did a very similar strategy. I moved out of my 2 family about 6 months ago and we will be ready to do the next property in the next 12 months. I learned a lot and that is why I'm asking more questions now. I realized I got kind of lucky on the first one, so this second one. I want to have really good numbers before I pull the trigger.  What kind of rent did you get from the half of the duplex your renting? 2br, 3br? 

I did check out the website for southern maine landlords... looks pretty good. Thanks

Post: Buy and Hold in Maine - Seeking Advice

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

@Eric Danielson, You make some really good points. I've only been in Topsham a few years. I'm just getting the hang of being a landlord with one property. But I have been watching the numbers on the multies in Brunswick and would like to purchase another 2-4 unit in the coming year. I've been very lucky with extremely low vacancy rates at my property. What kind of vacancy numbers are you running into in the Brunswick Topsham area? What kind of cap rates are you seeing? And last question.. are you active with southern Maine landlord association? I had contacted the Brunswick/Bath area landlord association and found that they where not active any more due to lack of interest. 

Post: Buy and Hold in Maine - Seeking Advice

Stephen Dee
Pro Member
Posted
  • Investor
  • Topsham, ME
  • Posts 24
  • Votes 5

Mike, 

If you want to invest in the Brunswick area, I would suggest you contact Rob Whisenant. He is a broker in the Brunswick Topsham area which specializes in Multi family properties. He also does property management. Here is his email. 

[email protected]

I can't say he is hands down the best... but I've been impressed with him and he certainly does know all the properties in Brunswick. 

Steve