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All Forum Posts by: Harrison Smith

Harrison Smith has started 3 posts and replied 200 times.

Post: Calculating ARV for Fix & Flip client

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Matthew Gallacher I would absolutely pull recent solds to see what pricing has been. I would also pull current active listings because ultimately that's where pricing is at the moment and will also give you an idea of the types of properties your flip could be competing against. If possible, tour them to see what amenities they have to understand competition but also to understand the finishes or amenities you may need or not need to compete in this market. There is a lot to learn by understanding your competition to ensure you price and rehab it right.

Feel free to send me a message to discuss further if that would help. Best of luck!

Post: Moving to Maine from California

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@James Sellars Welcome to BP and shortly to Maine! You will find some level of commuting in Maine, however, the density around Portland generally allows for a shorter commute (20-30 minutes) because we don't deal with a ton of traffic like other areas. Portland is very commutable and the surrounding areas offer great places to live with access to all of the amenities you could need (hiking, biking, beaches, skiing, hunting, fishing, etc.).

If I can help you in any way, I would be happy to. Best of luck on your investing journey and relocation to the great state of Maine. 

Post: Southern Maine Monthly Investors Meetup (January)

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Jon Mccarthy This is the meetup we discussed. 

Post: Bangor, Maine

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Parker Dresser I would highly recommend you connect with @Ryan Murdock. He invests and manages property in that market and would be a great resource for you.

My team has agents up in that area as well if you just need some help acquiring properties. Let me know if there is anything else I can do to help you. 

Post: Buying a Mobile Home park in Maine

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149
@Evan Hutchins sounds like an interesting deal with some potential upside. I would highly recommend connecting with @Ryan Murdock and getting his opinion. He has some experience finding and buying a mobile home park.

Post: Should I buy it or not?

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

Thanks for the mention @Katie Magoun

@Saad Hashiem That does not sound like a great deal to me. The middle of the market valuations in Biddeford are about $65,000 for a 1 BR unit, $85,000 for a 2 BR unit, and $100,000 for a 3 BR unit. Given the property you are looking at, anything north of $250,000 would seem overpriced. I also use the 1% rule as a baseline measure of cashflow, if the monthly rents are 1% of purchase price, then the property will cashflow (not withstanding major capex or turnover). Doesn't mean it will be strong cash flow, but there will be something. Anything north of 1% and you will be in better shape. I know many people on BP want 2% rule properties, but I have yet to find any of those in Southern Maine over the last year or two. 

I would be happy to discuss further with you if you are interested. 

Post: Southern Maine Area- starting out and need some contacts/input

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149
@Sean P. Garvey I would be happy to talk with you. I am a Realtor and have interests in other companies, property management being one of them. Let me know how I can help.

Post: New Investor from Southern Maine

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Nick Hamel Welcome to BP! Glad to see you have stopped "lurking" and have jumped in.

I would highly recommend attending the Southern Maine Meet up (here: https://www.biggerpockets.com/forums/521/topics/63...) This is a great meetup that has become very active.

I would also be happy to connect with you to grab a coffee and discuss your plans. I am in the Biddeford/Saco market and work with quite a few investors in Southern Maine. I also have connections into contractors, property management, and other resources so if I can help in any way, then I am happy to.

I wish you the best of luck on the journey and hope our paths cross soon. 

Post: Southern Maine Monthly Investors Meetup (November)

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Tyler Bushey  This is the meet up I had mentioned to you.

I will be traveling and unable to make it, but I hope you all have another great meet up. 

Post: 10 units Biddeford Maine

Harrison SmithPosted
  • Real Estate Agent
  • Biddeford, ME
  • Posts 213
  • Votes 149

@Ivan S. Some 5 unit buildings in Biddeford