All Forum Posts by: Eric Mcginn

Hi all,

Newbie here. I'm from kennebunk Maine but have lived in Los Angeles for 5 years. 

I graduated from the university of hartford 6 years ago with an undergraduate in audio engineering, electrical engineering, and an MBA.  I paid off my $87k in student loans less than a year ago and have decided to start investing. I bought a few hundred ounces of silver as a retirement fund. 

Then, being very handy, a friend reccomended looking into a multi family house as a source of income. I did some research and have a sale pending currently. 

I found a great little multi family property near my home town in Maine, it has two duplexes and one is conemned, so traditional lenders would not offer a mortgage on it. I found a private lender and hopefully the financing will go through in the next couple weeks. 

Once I get the financing, I will be tearing down the building, unfortunately it's too far gone to save. I have my quotes for asbestos removal and demo. 

The lot has grandfathered zoning to rebuild another two unit structure within one year of demo. I was looking into putting up a steel building with two studio apartments and a workshop for myself but unfortunately there aren't enough comps to secure financing for that project. So now I'm considering putting in a permanent install of a mobile home. I'm even considering picking up a free one off craigslist and remodeling it myself. 

But first, I need to get the deed in my name!!

Thanks for listening, I wish I had found this website before started all my research. But I'm glad to have this resource now!

Eric