All Forum Posts by: Matthew Hitchcock

Hi BP community, 

Me and my team have been investing for about year now collectively. We recently bought a 13 unit building in a downtown area. The lead was from a family friend and that friend has been doing real estate for quite some time. He has a very large portfolio but is getting to the point where tenants and management are not something he's interested in anymore. He called us up with another 13 unit building but capital is currently tied up in multiple projects. The gentleman is nice and open to some seller financing. I'm just curious what everyone thinks a good proposition would be for a deal like this, he wants to make it work just looking for a starting point that helps both parties. If he were to sell it he's looking for a little over $1 million, mostly comprised of 2 bedrooms and room for rental increases. Thoughts and guidance are truly appreciated.

Matt

@Johnny Hastings it's a 10,000 sq ft building so the plan was to contract it out as we do not have the time nor skillset I don't think to pull it off accurately. My main concern is how the finish lasts. You said 5 years, how many more do you think before redoing a coat? this is New England keep in mind so we see all types of weather. Thank you

@Richard C. thanks for the feedback. trim only is Def an option.

Thank you @Greg Scott for your thoughts. I'm sure there are other options but I saw a couple pics online and really thought it would make us stand out. it currently has an old fabric awning that we will be replacing with metal that will dress up the front for sure.

Closing date set for our first apartment building. Trying to plan ahead and think painting will make the building pop, create curb appeal, and a desire to live. Has anyone had any experience with this process? Rough cost associated? etc.

Just wanted to share my teams first success story after research and studying with the guidance of Bigger Pockets.

Recently we just completed our first BRRR (thanks @Brandon Turner) with a property in Kennebunkport ME. We found it off market through a wholesaler who wasn't fully aware of the location and potential as we were. We knew at the price listed, it was well underpriced with our due diligence and research. Sure enough the homes pre-appraisal came in and we were already ahead $140,000 from the agreed purchase price without even swinging 1 hammer.

We knew with our research based on location, square footage, beds, and baths it would appraise we'll over what we needed to get all our money, investors money, and walk away with profit to roll into the next deal.

Best of all it is a 3,800 sq ft single family with inlaw unit with separate utilities. This is great for seasonal Summer rentals and off season rental. Currently, the full house rents weekly for peak season; off season, we can seperate property to maximize off season rental with 2 sets of tenants.

For reference this is the rehabbed home link as well as Zillow verifying what it is now worth after the rehab and the Home Away link showing the healthy rental market:   https://www.zillow.com/homedetails/14-Towne-St-Kennebunkport-ME-04046/112706465_zpid/

https://www.homeaway.com/vacation-rental/p4511993

The process wasn't easy but it was extremely do able. From firing a crew a quarter of the way through for night time bonfires and midnight target practice in a residential neighborhood... To self GC'ing the completion with a skeleton crew and refi'ing in 4 months! We made some great contacts, learned a ton, and aquired some very happy investors.

We are thankful for the knowledge recieved from Bigger Pockets and the community. We look forward to more of these opportunities and building financial freedom.

We are in the process of acquiring another property 1 town over (5 mins from property explained). Stay tuned for BRRRR #2 Maine edition!

To obtain an occupancy permit a final inspection is done. They would look for record of who pulled permit to do work. Again, the confusion to me is that the code litteraly tells us what we are doing does not meed someone licensed but supposedly the issue is that it's for rental purposes. However, assessor office can't explain why there is a difference, nor can we find seperate rules to justify this. We believe it's because we're from out of town they are being a bit strict.

Hey, hope the deal went well. Question... currently rehabbing a buy and hold in Kemmebunkport ME. We have a friend of family that's not a licensed plumber but all we are doing is installing new vanity, tubs, and toilets. We found Maine code saying we can do our self. However code officer is saying because it's a rental we need to have licensed plumber do it. Does this seem right?

Does anyone have experience with plumbing laws in Maine? plumbing is being kept the same above the trap. We are simply putting in new toilet, vanity, and shower. We found Kennebunkport plumbing code that states what we are doing is fine to do on our own; however, town inspector says due to rental... A licensed plumber needs to install. Does this seem right? any help is greatly appreciated.