All Forum Posts by: Justin Paradis

@Eddie Gonnella

That was my initial instinct with the local Bangor market.  

@Doug Crenshaw- most heating systems are oil in Maine. I would prefer to have heat included in my rental. It can be a costly ordeal if a renter runs the oil tank dry and freezes pipes. 

@Carl Hebert- I should have specified the location as my intention wasn’t to lump everything. I’m looking in the Bangor/Brewer areas. I intend to self manage which helps the financial equation but limits the purchasing radius. 

I’m confident I can find a deal that works as I get more serious  and look with an agent. Just wondering if current investors find on average  they like to be slightly higher than the 1% rule due to heating 

Current property investors in Maine, do you find that the 1% rule is a good indicator for our area considering the cost to heat and remove snow that is incurred during the winter months?

I've started casually browsing for properties and at current market valuations it appears most investment properties struggle to meet the 1% rule(probably why they are still on Zillow). I've been considering SFH since I really can't find great deals on duplexes. With SFH I can meet the 1% rule rather easy but heating expenses aren't shared between multiple doors. Hoping to purchase a property next spring/summer so really just in my homework phase

Covid has slowed my plans. I feel that with Covid and the extra renter forgiveness rules the risk has increased for the property owner. I’m currently investing more into the stock market after the recent dip and Fed backing. Real estate prices in our area haven’t really dropped yet either.