All Forum Posts by: Mark Adams

Hi Michael, I wasn't familiar with the AFR until just now, I will have to check with their advisor and see how they have it set up. I know it is above the current AFR after looking it up. Thanks for the tip! So much to learn as I progress

I'm new to the investing arena but would love to join the meetup next week. Any tips on what to bring or expect?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $59,000
Cash invested: $18,500

First BRRRR property, also primary residence until I can make my next deal. First step in my journey to total financial freedom

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

Long term financial stability and wealth generation.

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

Driving around hunting for properties until I found one I connected with

How did you finance this deal?

Private family loan

How did you add value to the deal?

Rehabbing and landscaping the property

Lessons learned? Challenges?

Far more work and time than originally anticipated

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

FSBO

Thank you Edmund and Ryan so much that's exactly what I was hoping for, both example questions and a couple names! 

Hey Ryan welcome!

I'm in a very similar situation goal wise. Just purchased my first fix and hold 3 weeks ago in brewer that me and a good friend have our hammocks setup in to live while we gut most of the house. It's my first one but my goal is the same, single, 30, no kids, no pets, want to rehab distressed or vacant areas around Bangor to help clean up neighborhoods and provide safe clean places for people. Similar issue with no capital (had to get a small loan to cover closing costs on this place and cover initial rehab costs) but I'm a professional landscaper in the area, although who isn't up here haha. Graduated UMO and now looking for other people to partner with who have the same goals. While I can't help with the immediate issue of selling the land (do you have a link to the posting?) I'd love to connect sometime and pool skill sets or just talk shop and meet a like minded individual in the area, especially one familiar with the insides of properties as I'm able to force most of my appreciation on the exterior with lots of free material and excess stone and plants and such from work with a large network of landscapers and suppliers around. 

Good morning BP members! It's been a whirlwind past couple weeks and finally closed and started renovations on my first property. I'm looking for advice on 1. Finding a local tax professional near Bangor ME who understands my long term goal of buy and hold, hopefully getting names if someone has used a service they like. And 2. What types of questions or material to bring to initial meetings to get a good idea if it will be the right fit for my goals.

Thanks in advance!

Mark

I've been in Maine for the last 4 years and went to school here for 5 years before that so I guess I'm a transplant at this point. I agree about the sticker shock checking things out online but with the vast majority of properties here 100 years old, and most severely neglected, the maintenance and heating costs alone are absurd and almost every one will need a new roof, foundation work, lots of electrical work and more significant repairs that just make it a nightmare and the low prices not worth it in the long run (in my opinion and those I've talked with in the business up here). Unfortunately for me I picked a poor time to finally set a moving date!

Hi Tim,

I lived in Mt. Vernon for a bit and loved Bellingham. Currently Maine holds no future for me so I'm looking forward to getting back out west. I'd be interested in foreclosures mostly or places that need some work as I'll do 90% of all remodels and plan to live in the property for a year or two then rent it out and move on to the next one.

Hello everyone, 

I'm brand new to realestate investing and have yet to make my first purchase. I've been a subscriber to numerous podcasts and newsletters on the topic for some time and had a renal property under contract 2 months ago that financing fell through on but I'm looking to get started in the buy and hold area. I have few ties to my current position and currently plan to move to Bellingham WA first thing 2016. I look forward to any information this great community can provide and hope to close on my first property through your insight.

Mark