All Forum Posts by: Harrison Smith

@Cheverson Juntura Welcome to BP! I am sure you will find a wealth of information and resources here. I would highly recommend attending meet ups and learning from those that have experience. If I can help in any way, don't hesitate to reach out. 

@Steve Bracero The market in Biddeford/Saco remains strong, but still affordable. We have had a recent injection of out of state money, many Boston area investors looking for cash flow that they can't find. The population is growing, the mills continue to be a driver of activity, and the overall investment into the area continues to increase. As a Realtor and Investor, the only areas I could really recommend as good spots to invest right now are Saco/Biddeford, Lewiston/Auburn, and Bath/Brunswick. The only caution with Bath/Brunswick is that any dip from BWI and this market goes upside quickly, it is very employer dependent. 

There are a few property management companies in this area. One of the companies that the real estate holding company I am involved with owns is Maine Properties, but there are others like MaineLy and Phoenix that offer some services as well. The level of service you need/want will determine your price point and which company is the best fit.

I would be happy to discuss the market with anyone or answer any questions that there might be. I live in Biddeford myself and bought into the area 5 years ago to be part of the ride up and so far its been a very profitable ride.

@Matt S. I think @Katie Magoun nailed it! Portland was the first city in Maine to really explode and its gotten crazy there. Out of state investors have joined the frenzy and it just doesn't make sense anymore. There was a huge housing shortage in Greater Portland about 4 years ago and that drove prices and rents way up. My company is actually just finishing off the last phase of our build out of 500 apartments around Greater Portland. We are filling the buildings before they are complete!

Westbrook is another market that has really heated up. My real estate team had a listing in Westbrook for a duplex, had over 100 people come through the open house, and sold it before dinner time that same night for WAY!!!! over asking. The other markets that are beginning to heat up and see activity increase are Saco/Biddeford, Bath/Brunswick, and Lewiston/Auburn. Units are still affordable (anywhere from $60K per door to $85K per door) but they are beginning to move quickly and prices are on the rise. Out of state money is also beginning to come in and that is driving things up as well.

There are great opportunities in Maine. Population is increasing for the first time in many years as the quality of life is unlike any other Northeastern state. Property is still affordable and profits can be made, but as more attention turns to these markets that will change.

I wish you luck on your search through this area. If I can help in any way, then please let me know. I am a Realtor, investor, developer, and the CFO of a real estate holding company that owns a management company, construction company, and $125M in local real estate assets in Southern Maine (none in Portland!). 

@Rick Newton Welcome to BP! There are a lot of great resources and people here that should be able to help you on your journey. 

I am Realtor, Investor, Developer, and CFO of a real estate holding company that owns a management company and construction company in Southern Maine. If there is anything I can help you with please don't hesitate to reach out. I am happy to help.

Best of luck on your REI journey and reaching your goals. You came to the right place to learn!

@Rylee Knox Welcome to BP! I am sure you will find this to be an incredible community that is willing to help. There are meet ups in Central and Southern Maine you would be welcome to attend that are incredibly informative and offer great networking opportunities. I am sure you will find some great resources available here.

I am a Realtor, investor, developer, and CFO of real estate operating companies in the property management and construction spaces in Southern Maine. If I can help in any way, please don't hesitate to reach out. I am always happy to discuss the market, real estate investing, financing structures, and anything else real estate related. 

Best of luck on your search!

@Joshua Goston I don't know of any lawyers that have necessarily done syndication deals in this area, but I do know that Larry Clough and Nick Morrill at Jensen Baird Gardner and Henry in Portland are two of the best real estate lawyers around. If they don't have experience in that area, I would assume they probably know someone that does. 

@Joshua Goston I would agree with what has been said already. There are some really good meet ups you can attend and some great experienced investors that would be more than happy to meet with you and discuss. I would try learning from the successful people around you first, before spending any money on a seminar put on by somebody that doesn't know this market. 

@Corey Keller I am located in the Biddeford/Saco (Maine) area and am always interested in networking and meeting new people. Let me know if you will be in the area and we can meet up.

There is also a meetup that happens monthly in the Southern Maine area, usually an evening around 6pm, that you would be welcome to attend. The link for the next one is below.

https://www.biggerpockets.com/forums/521/topics/54...

Feel free to reach out anytime. 

@Mohammed Ahmed There is competition between lenders when it comes to rates, closing costs, underwriting criteria, etc. The FHA program has basic parameters and constraints, but lenders can then apply their own to the program as well. I have a couple of great contacts in the Portland area if you want to sit down and discuss with them. There are other programs available as well and each lender has their own set of programs so its worth understanding the entirety of what local lenders can offer.

If I can help in any way then please let me know. 

@Jon Jonhson Short term property generally doesn't qualify as @Adam Nishikawa said. Flips are inventory and therefore when they are sold they are treated as income, not capital gains. Also, when considering a 1031 exchange there are costs involved with intermediaries and it really only makes sense to utilize the exchange for larger gains.

In your case, it might be better to hold it, rent it, and refi it to get some of that equity out so you can move onto the next project. The "Refi Until You Die" method allows you pull equity out repeatedly without paying taxes on the equity you are unlocking (potentially numerous times). There are many paths to choose, but a good CPA can help with that. 

I could recommend Howgate and Harmon in South Portland, they are well versed in real estate taxation and a small enough operation that they would take on an individual client. Barry and Dave are very good and easy to work with.