All Forum Posts by: Jeff Verreault

Hello Rich,

Welcome to BP.  I am located in the Saco area and know Southern coast very well.  I'd be happy to help!

Jeff Verreault

Hello Natalie,   

This is a very late response to your post but we were in the situation about a year ago.  It was a SF house in a commercial zone that had been used  for years as a medical office.   We were able to find lender who was able to use a appraiser who appraised in as a residential property.

Hopefully it worked out for you.

Jeff Verreault

August, I realize that your post was from a couple of years ago. I’m located up in Maine and looking to do the same type of project Commercial condominiums. I have a couple lots in mind that in the urban areas and highway. Seems like a great investment up here as there is a demand for small warehouse space. If I don’t sell them individually. I can always rent. Looking into prefab metal building versus wood construction. Metal building will likely be more to build but with lumber prices the way they are right now it’s probably fairly comparable. Just wondering how you made out with your pursuit. 
Jeff Verreault 

Thanks for the info. It sounds like you’re gonna do fine with it!

Hi Cody, I did a search on commercial condominiums and came across post from over a year ago.  I was wondering it you ever moved forward with purchasing one or if you were able to buy the complex.  I'm interested in developing this type of project.

Jeff Verreault

Jonathan Taylor

Jonathan,

We currently have a couple of residential RE investments including a multifamily, in which we occupy and as single family home that we rent. We are considering another single family home as a "2nd home" but we plan to spend time at primarily for vacation in but also rent our on a weekly basis during tourist season to help pay expenses.  What type of down payment and rate would lenders be looking for on the 2nd home/vacation rental property?

Thank you for your advice regarding financing... Its very generous!

Jeff Verreault

Ellie, 

This is all great information. Thank you for the detailed summary that all of us landlords/property managers should be implementing or at least considering during challenging times.

Jeff Verreault 

Hi, we're on the coast and have had much better luck renting 3-4 bedroom STR vs 2 bedroom smaller house or condo. In our experience, Larger groups (families) tend to plan Trips in advance, stay longer (at least a week), and are less likely to cancel reservations. Longer stays by guest tends to be less negatively viewed by most municipalities as transient/hotel type rental.
best of luck!

Janice, have you tried contacting a local mold remediation  or wet basement  companies? I am located in Maine as well and can think of a few. I think if you call one or two they'll give some helpful advice and idea of costs.

Jeff

Hello @Eli Rods, I attempted to appeal tax assessment on a multifamily back in the last recession when tax valuations were high but market valuations and rents prices were low in my area (2008ish).   I had met with the City Assessor with comparable reports that a local real estate agent had provided for similar properties.  I thought I had some decent backup.  I was shot down very quickly. He cited that our building was newer than the ones that were comparing to.   Looking back, I didn't occur to me to take it to the next level.   If you think that you have a strong case and have done your homework would a local appraiser be able to help?  It guess if might be viewed as a conflict of interest if there working for you.  

Jeff Verreault