All Forum Posts by: Ed Emmons

In Bangor the current code person can be difficult. In my experience from that type of situation have your electrician talk to him and if you’re able to be there at the same time it usually smoothes things over. Sometimes they get on a power trip and want you to know that they are in control so just play along let them feel important and have them help you to do everything right. Once they are on your side they will be more lenient in the future. But the simple answer to your original question is they can do just about anything they want.

If in the Bangor area, I would be interested.

Sounds like you are looking in the retail market like the vast majority. The wholesale market will give you much better ratios. It takes a little more work but pays well.

@Justin Freeman is CPA in Maine who is also an investor. So far I like his work.

@Eric Mcginn mine is prime plus 5/8 pt.

Can the portion with mobile home on it be separated? Have you tried credit unions to get a line of credit on them?

@Mashika Johnson all successful people will hear the negative talk from those that say it can’t be done. I’ve done simultaneous closings and heard many realtors say it is illegal, can’t be done, etc. It’s garbage. I do own the property for about 10 minutes, all the time it takes to sign your buyer’s closing documents. The attorney uses the buyers money to pay off the original seller. You end up paying transfer taxes but as long as your attorney records your transaction first, nothing is illegal. You will need to get the attorney or title company on board first so they can handle the possible objections by buyers realtor, if they are using one.

I agree with @Jay Hinrichs that it is more difficult than a regular transaction do to timing. It may be even more difficult with the current state of the market. I’ve done more than a hundred real estate transactions and I think only two or three simultaneous ones.
In my opinion, starting out, I would think it easier to find an investor partner to put up the money for you. It doesn’t sound like there are many people with your drive and determination. This will give you an edge when it comes to talking to possible investor partners. With this virus thing, all markets are going to change and flipping and wholesaling are going to take the worse hit because the margins become an unknown, even for the experienced investor. What sold for $150,000 3 weeks ago, may only bring $100,000 or less today or next month, no one knows. Investors will need to be prepared to carry their “flips” through a short term tenant if this really goes south.

If you are selling to an end user, there may be a little more time cushion to sell because if they are buying at a price where they can easily afford the price and like where they are living, then it doesn’t matter if it takes years for the market to recover. This is generally not the case with wholesaling because you are selling to an investor who is counting on the market, in the near future being as good or better than when they buy it from you.

I’m just another voice for you to consider. But which ever way you choose to go, in time you’ll make it.

Another source where I buy a lot is Keenan , Tranzon, Williams and Williams, and central Maine auction. I also from time to time call all the local banks and credit unions. The municipalities also regularly auction of tax lien property.

thanks I'll try that. I get 2000+ results for Jay Scott. So I tried Carol Scott and got 2000+.

The rates on a HELOC will be usually much better and there usually isn't the time restraints as private money. So for those two reasons I use HELOC or other lines of credit.