All Forum Posts by: Michael Webster

I have a lot of experience with property management from Biddeford/OOB/ up to Portland/Westbrook, but Lewiston/Auburn is a whole different set of issues.  I would start by looking for a solid company in that area, and go from there.  I can certainly help out on the finding a property end, but recommending a PM company is so tough (it's like suggesting a contractor).  Call up as a potential client, but also have a friend call up as a potential tenant and see how they're handled. If you find a company you like, ask for a couple references and vet them.  Treat it as if you're hiring a VP for your own personal company!  As a former property manager, I can say that a lot of clients just call the first on the list from Google and ask for a price and when we can start.    

Hey @Andy H., 

Welcome to BP!  There are certainly some affordable units in that area. I've had clients who have purchased residential multis there, and had great success. Fair warning though, the tenant base can be tough and the price point comes with its challenges.  As long as your family members are willing to put in some effort with the management, you can make some amazing returns on your investment. 

Feel free to reach out if you have any questions or need any tips!

We had similar STR destroying regulations proposed in Portland, ME. A group of us STR hosts got together and worked with the city to make effective and reasonable regulations. So far it's working pretty well. Across the river, in South Portland, they basically put in an ordinance banning it (effectively), and it was quickly repealed by the citizens. I would say start getting some people together and fight it. Boston is bigger than Portland, but point to our recent success and the regulations we put in place. https://www.portlandmaine.gov/2029/Short-Term-Rental-Registration

@Harjeet Bhatti, yes my last two years shows AirBnB income, and I even sent a letter with it showing the benefit and income potential of a 4 bedroom house (mine), versus a 2 bedroom unit inside a multi (what I would ideally be moving to).  They said it sounded like I was using it for commercial reasons still.  

Hey everyone, I bought my first house hack when I was 25, and have lived in the same place for the last 9 years.  I've always rented rooms, and have gotten into AirBnB big time in the last 2 years.  Last year I was able to make a pretty solid income for my area, and I'm ready to move onto a multi-family property so I can rent out my house on AirBnB for the Summer.  The problem is, no banks are convinced that I'll actually do it.  They all want 20% down + as an investment home, even though I've tried to explain how hugely beneficial it would be for me to move out.  Any thoughts on how to get around this?  I would hate to sell my house as it makes me about 25K in profit while I'm living there and would make me even more if I moved out!  

I do have 100K in equity, but I'd prefer to not open a credit line to have the larger down payment, but maybe it's worth it.  Any creative ideas, suggestions, are much appreciated!  If you need more info let me know. :)

Hey @Ian Dixon, welcome to BP!  Depending on what field you are looking to get into, I'm always happy to help.  You're welcome to hang out at our Property Management company occasionally, or ride around to showings, and check out rehabs.  Happy to help. 

Rumford is interesting because it's near one of our big ski resorts. During the Winter I'm sure you'd have no trouble keeping the place occupied.  The Summer may be a little tougher though.  It's a decent enough town, and I'd say there are very few "D" neighborhoods in Maine in general, if you're comparing it to the majority of the US.  

Hey Dale,

I used to work with a local management company and they do decent work.  They are certainly the cheapest and the tenants always seem to be pretty pleased with them. They also do rehab work so typically can help out with contractors. Shoot me a message if you're interested and I'll get you their number.  

Mike

I think the neighborhood will continue to improve, but I also believe we're in a bit of a real estate bubble (we haven't seen these prices since 2008).  If you're buying with the intent of a long term hold, then it doesn't matter as much. Use the tenants to pay off the building and have a nice retirement as you said. 

@Sean Sullivan is right about the rents in that lower East End neighborhood.  $1,100 is cheap right now for that area.