All Forum Posts by: Jason Edwards

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000
Cash invested: $60,000

Fully renovated 4-5 bedroom ranch on 3.3 acres. Updates include a new septic system, wall-hung boiler with radiant heat, and a remodeled kitchen with new appliances and an island. Features a versatile layout with potential for office or hobby spaces, and a primary suite with a double vanity bath. Conveniently located near major routes, this property blends modern amenities with rural charm close to Etna Pond.

What made you interested in investing in this type of deal?

I chose to invest in 1272 Lakins Rd, Etna, due to its potential in a growing market. The property offered a balanced investment opportunity—enough to significantly enhance its value through renovations, yet manageable in scope and cost. This deal aligns with my strategy of adding value and achieving robust returns.

How did you find this deal and how did you negotiate it?

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure. Initially, I had listed it and found a buyer, but the deal fell through when the buyer had to back out. To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

How did you finance this deal?

My business partner and I financed the deal for 1272 Lakins Rd entirely with cash, covering both the purchase and all renovation costs.

How did you add value to the deal?

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump. We also updated the entire flooring, renovated the kitchen with new appliances, overhauled both bathrooms, and added new washer and dryer units. Further enhancements included constructing a back deck and repainting the interior to modernize and enhance the home’s appeal.

Lessons learned? Challenges?

This flip at 1272 Lakins Rd, Etna, was a learning experience as it was the first for my business partner and me. We decided to outsource major tasks such as septic installation, plumbing, heating, and carpentry, while handling smaller projects ourselves—a decision that proved beneficial. One key takeaway for future projects is the value of hiring professional painters. The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As a licensed Real Estate Broker in Maine, I managed the acquisition and renovation of 1272 Lakins Rd, Etna, leveraging my expertise and industry knowledge. While I did not work with other agents or lenders for this particular deal, my professional experience ensured a smooth transaction and effective project management.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000
Cash invested: $60,000

Finding a move-in-ready home that offers modern upgrades and country charm can be challenging—but this fully renovated 4-5 bedroom, 2-bathroom ranch is the perfect solution. Set on 3.3 acres, this home has everything your buyers are looking for: a brand-new septic system, a state-of-the-art wall-hung boiler with radiant heat, and a stunning new kitchen complete with updated appliances and an island for gathering. The spacious primary suite features a private full bath with double vanity, while the flexible layout provides options for bedrooms, an office, or hobby spaces. You will enjoy the serenity of rural living, complete with a large cleared backyard perfect for homesteading, gardening, or recreation. Conveniently located just minutes from the interstate, this home offers an easy commute to Bangor and Newport, while Etna Pond and its public boat launch are just a short drive away. This property is ready to welcome its next owner with no repairs or updates needed.

What made you interested in investing in this type of deal?

I chose to invest in 1272 Lakins Rd, Etna, due to its potential in a growing market. The property offered a balanced investment opportunity—enough to significantly enhance its value through renovations, yet manageable in scope and cost. This deal aligns with my strategy of adding value and achieving robust returns.

How did you find this deal and how did you negotiate it?

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure. Initially, I had listed it and found a buyer, but the deal fell through when the buyer had to back out. To support my seller and seize a valuable opportunity, my business partner and I decided to purchase the property ourselves.

How did you finance this deal?

My business partner and I financed the deal for 1272 Lakins Rd entirely with cash, covering both the purchase and all renovation costs.

How did you add value to the deal?

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump. We also updated the entire flooring, renovated the kitchen with new appliances, overhauled both bathrooms, and added new washer and dryer units. Further enhancements included constructing a back deck and repainting the interior to modernize and enhance the home’s appeal.

Lessons learned? Challenges?

This flip at 1272 Lakins Rd, Etna, was a learning experience as it was the first for my business partner and me. We decided to outsource major tasks such as septic installation, plumbing, heating, and carpentry, while handling smaller projects ourselves—a decision that proved beneficial. One key takeaway for future projects is the value of hiring professional painters. The biggest challenge we faced is the property's proximity to a railroad, which has proven to be an impediment to the sale.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As a licensed Real Estate Broker in Maine, I managed the acquisition and renovation of 1272 Lakins Rd, Etna, leveraging my expertise and industry knowledge. While I did not work with other agents or lenders for this particular deal, my professional experience ensured a smooth transaction and effective project management.

Wow, Glad I came here to get input. 

That is my take as well. I'm glad to have this as a sounding board. Thank you!

I'm in the process of screening an applicant and their previous landlord didn't give positive feedback. The previous landlord is asking me for the applicants current employer information. The applicant has jumped from employer to employer, but I don't feel as if I should be responsible for providing the applicants employer information. Thoughts? 

I'm not moving forward with this applicant, just need advice on the sharing of applicants employer.

I received real estate coaching from Tim and Julie Harris who are located in Austin, TX. I started off by listening to their podcasts for over year before I dove in and paid for the coaching. You can check them out at timandjulieharris.com. 

I highly recommend listening to the podcast though. They are free, about 30 minutes in length and they provide great coaching advice for free that you can implement on day one. I just listen to the podcasts now.

There are a few online training vendors out there, however, you should probably take a look at the Georgia Real Estate Commissions authorized training providers before taking a course online. Here in Maine, McKissock is authorized but that may not be the case in Georgia. I'm attaching the link for approved training providers in Georgia for you. Authorized Real Estate Training Providers for Georgia

Hi Pete, I look forward to being there! 

I've actually been looking into this lately as it seems that the majority of prospective tenants have ESA's. HUD has a good reference document for service animals and ESA's to ensure Fair Housing compliance. . It helped answer many of the questions that I had.