All Forum Posts by: Harrison Smith

@Allan Bishop Jr. Welcome to BP and thank you for your service! You came to the right place.

Where in Maine are you looking? What draws you to Maine? I am a Realtor, investor, and developer in Southern Maine and would be happy to discuss this market and my experiences in it. There is still great opportunity in this state and I am always happy to hear other investors see that too.

If I can help in any way, I would be happy to. 

@Jeremy A. 75% and 80% LTV requirements are Fannie guidelines, loans like that should be available from most every lender since Fannie will back them. I would recommend contacting Chad Hayes at RMS or Brandon Carrigan at Movement to see the options they have. You can message me directly to discuss further or get contact info (since BP won't let me put it into this comment).

@Martin Goodenberger Would you like to speak with one of our Property Maintenance people about the roof and electrical? We could also handle the plumbing and give you one point of contact for all of it. 

@Martin Goodenberger Are you still looking for a referral? I have an interest in a property management company that does basic maintenance to full remodeling, we can GC any size project. Do you still need someone? 

@Logan Jamieson Welcome to Maine! Hope your relocation went well and you are enjoying the quality of life that this state allows.

Would be happy to connect and discuss this market. I am a Realtor, investor, developer, and have an interest in a property management company in Southern Maine. If I can help in any way, I would be happy to.

Best of luck here in Maine! It's a great place to call home. 

@Bill Hill Welcome (back) to BP!

I am a Realtor in Southern Maine and also have an interest in a property management company in Southern Maine that manages just over 1,000 rental doors in Southern Maine. If I can help in any way, please message me and we can discuss further. 

@Tammy Richards I would recommend reaching out to Chad Hayes at RMS or Brandon Carrigan at Movement. They are both great lenders with many programs available and would likely have a solution for you. 

@Cameron Knight When you put your property into an LLC, you would be looking at commercial lending structures. Residential lending options usually require you to purchase in your name. You can purchase an investment property in your name and protect yourself by putting an umbrella insurance policy in place. Many investors purchase in their name for the financing ease and then shield everything under an umbrella, which can be a very cost effective way to create asset protection. Umbrellas are available from nearly every insurance agency and are extremely common for investors.

On the commercial side, refinancing is more difficult and costly so the BRRR really works best with residential loans. However, I have seen people buy a property under their name, BRRR it but refinance it under an LLC and put a commercial loan on it once done. When the work is complete and its stable, commercial lending isn't as prohibitive. There are many options and its really a matter of understanding the costs and hurdles to each so that you know going into the deal exactly how to hit all of your milestones.

I wish you the best of luck on your search. My wife and I are both from Southern New Hampshire (Manchester and Portsmouth) and understand how expensive those markets have gotten. If I can help in any way then please let me know. 

@Steve Napoli @Andrew Mowry 

@Andrew Mowry Welcome to BP! You found the right place to learn everything there is about real estate investing. The meet up Tim mentioned is very good and I would highly recommend it.

I am in Scarborough most days and would be happy to meet up for coffee or lunch and discuss REI. I am a Realtor, as well as an investor and developer, and am always willing to help in any way that I can.

Best of luck on your journey!