All Forum Posts by: Ed Emmons

I may be able to help depending on where you are wanting to invest.

I may be able to help depending on where you are wanting to invest.

The exact address is important in Lewiston. Some neighborhoods will be difficult to collect rents. I went to war with PTL several years ago and they told all my tenants not to pay rent. There was no reason other than they could. So look really close at the whole deal. If you want more info you are welcome to PM me.

There is another market you could tap into and be successful. I just got back from a vacation to CO tourist areas. I stayed at Airbnb the whole time in 2 different areas. One was what I would call low on the standard scale. It was basically staying in someone’s bedroom. It certainly wouldn’t work for families or for most couples. In this case it was just my son and I and we were just there to sleep, so it worked. For both places that we stayed I had to book several months in advance because everything was taken. So the market is near National Parks, beaches, snow sledding areas, four wheeling, Disney. Essentially anywhere people want to go where there aren’t many accommodations. People will book out of necessity. Obviously if it is clean, has wi-fi, small frig, microwave, ac and little amenities, you will get good reviews and stay full. Some markets are only for the summer too so that also is a consideration.

I put in about 18 homes, rebuilt whatever infrastructure was needed, paved one park and are working on rehabilitation of homes brought in. About 11 are done. Noi today is about 11000 a month and should add 4000 by the end of this month. So it’s coming a little slower than I hoped but it was a good investment. I may sell them soon so someone can lock in interest rates with agreement that I finish all the homes.

I haven’t attended the meetings there but there are a few BP members active in that area. I used to invest in Lewiston but it has been 15 years. There are definitely micro markets in that area and you will want some local guidance.

Maine has drastically different markets within the state. So not all advise will work in those different areas. You seem ambitious enough and have done research. My advice would to be to get here first and rent where you want to live. Then network with some local investors to that area. Learn in person in your spare time. You should be able to find a good investment within a few months. If you are sent deals from overseas you could really get in trouble unless you are real familiar with the area or have a local team in place. Do you know what part of the state you would like to live in?

You just want to figure no higher than 30% in the other 6 months. You may be able to get snow mobilers as there is a trail right there but that will be contingent on snow. We are ahead of the game when we rent to nurses or construction people for 3 - 6 months in the winter.

What town?

As for an agent you could use Gus Ofili, primarily in the Bangor area. As for a bank, First National is the top investor bank and you might try One Financial for long term fixed rates on 4 units and under.. if you need contact info, pm me.