All Forum Posts by: Jessie Creighton

Has anyone used the Tenant Screening Tool offered on this site powered by Smart Move? Is it only available as a pro member? Any thoughts on it if you've used it? Thanks!

Hello Cash Buyers, 

I have a property in Windham ME that I can't purchase myself. Looking to wholesale and I'm only looking for a flat fee of 2k for myself and broker commission paid to the agent who has been assisting me. Here are the deets:

* Windham Me Single Family 1230sqft. per tax assessment listed 3 bed 1 bath- Non permitted additions of in-law kitchenettes and two extra bathrooms have been added. property well maintained and clean, decor is outdated. we have collected a disclosure of heating, septic, roof etc. 3 acres fenced in yard and two garages, one garage has 4 car space and second garage has 2 car space.

* Owner is 85 years old and all family has passed. he owns property free and clear. He does not want to deal with signs out in the front so he wants a cash offer. He is asking for 197k and 30 days notice to leave property. This 197 would also need to add on an additional broker fee (this is 195 + 2k flat fee + broker percentage. )

* Comp analysis has been done and can be provided. ARV is estimated at 267,800

* ALL furniture, generator, sitting lawn mower, and lawn furniture are included with the sale. Includes tools and other items in garage, all furniture. He wants to walk away with nothing but memorabilia. He is very neat and has kept everything in great working condition. He has a stack of the last 10 years worth of servicing on all major items for the house (ie oil heater)

*Originally built in 1800 not including additions. Unfinished basement. Two water sources (public and well) both work, septic is in good condition that we know of, roof is newer, additions have been made to second story add on and mentioned in-law areas. Needs painting to update (blue kitchen) and ceilings are low as per the era. There is an entryway upstairs from bottom to top story that is steep and has low overhang.

* Buy and hold or cash flip however would not be suitable for owner financing. Bob the owner will not accept this option. He seems firm on the asking price not lower than 195k. However I am not opposed to submitting bargaining offers.

Message me if you would like to set up an appointment!

Cheers,

Jessie Creighton

Thank you @John West & @Katie Magoun , appreciate it! Yes my numbers include all of those projections and are conservative... I'm just thinking long term in order to make it cash flow once I move out. The margin is tight.

However! It comes with 5 acres of land so I was thinking I could sell off some parcels and use the proceeds to refinance, then keep the rents at 950 each and be good to go.

Anyone know how to go about determining whether a lot is buildable, and how much the appraisal process costs?

Hi all,

To Maine landlords property managers and anyone else who may have an opinion- I would love to hear yours! I am about to buy a duplex, counter offer is in- the problem is the numbers don't work until after the rent is eventually raised.

Windham more rural part, each 1 bedrooms, each SMALL 600 sqft- however everything is clean and updated. If heat were included, would 1050 per unit be unreasonably high? I am not trying to be skeevy and rents are currently MUCH lower than this. Let's also put it out there that I have no idea what I'm doing.

Lay it on me!

Much appreciated,

Jessie

That's very helpful thank you!

Hi Maine people,

Here's a silly question- say I'm going to purchase a move-in ready retail-priced duplex to live in. After the first year I decide to move out, say it cashflows but only slightly (200 a month?). Will I be allowed to take out another mortgage since this one is producing income? How do lenders evaluate your debt to income in that case?

Much thanks!

Hey has anyone heard of Ocean City Development marketing? Any success stories especially around Maine? If you're sent a guarantee agreement which outlines the amount of time effort needed to get a deal or your money back... is it really a guarantee if it has space for only my signature? I ask because the better business bureau does have examples where unhappy participants were not refunded. I can't tell if this was the fault of the company or if the customer didn't uphold their end of the bargain by meeting the weekly time requirements.

To all those who have completed a flip with hard money (especially in Maine but also elsewhere): 

I want to hear your stories. I'm curious as to how your first flip was financed and how the experience was, especially if you used a hard money lender. How did you structure the offer? What was your EMD and did you have a financing contingency?

I was told by my potential HML Lincoln Capital that the loan must be signified in the contract as "private money" and put NA in the financing fields. This was a result of my realtor and me requesting the maximum number of points that could be issued to include a financing contingency on the P&S. They will not disclose any maximum amount of points, only stating "the fees depend on the risk level, the amount of the loan, and the length of the loan." Isn't it still possible to have a financing contingency if using hard money?

I was also told that it takes up to 30 days to close to allow for an appraisal and title work. Doesn't this completely disagree with the whole mantra of "we buy houses cash fast?" I'd be curious to know the loan terms and experiences of people out there. Also, how did you finance the remainder of the cost?

Cheers,

Jessie

Looks like this property is still around despite those who expressed interest a few months back. Does anyone have an update? Is it too costly due to the leachfield?

Thanks!

Hi all, I'm looking to find my first flip in windham Maine area, and found a great agent. I need to have financing lined up before making any offers I'm told, but it was my understanding that hard lenders need the deal info before I can apply. Isn't that a catch 22? Anyone have advice on a good hard money lender and how to get pre-approved before actually finding the deal? Or do you find the deal and scramble to get financing before you can make the offer? I have been pre-approved for a line of credit but that's just the supplementary financing for whatever isn't covered.