All Forum Posts by: Mohammed Ahmed

Welcome to Maine!! it is very beautiful here. I am a landlord and also I have my own bookkeeping, payroll and Tax preparation business specializing in residential rental units and Non-profit organizations. Let me know if you have any questions, I will be glad to help you out. 

Hello Everyone! I can't thank enough all the people who helped me and answered all my stupid questions about how to buy a good deal and start the hold and rent investment! Now I am looking at two amazing deals for my family as a starter here in Maine! one deal is 4 units building with a nice street, close to a good school, foundation is good and the overall of the house is great, it might need some electric work but that is not really a deal breaker! the cons of this building is that it has tenants that are smoky and stayed there for long time, some of them are paying through government assistance which I really don't know if this would be a bad idea or what, the unit that might fit our growing family as we are now three and expecting a baby soon! so that means living in a two bedrooms unit is a little bit squeeze!! when I ran the numbers on this one it turns out that I will be paying roughly $500.00 more per month for maintaining a good budget! The second one is a duplex a really stable good looking house! one unit is stunning with a back yard and a nice three bedrooms, two floors and lots of space! and the second unit is a 2 bedroom unit with 2 floors a little bit smaller that the first unit but it has a long term veteran tenant who is very good on the rent! the cons is that the numbers are really bad I have to pay $1500.00 at least a month to maintain the budget and the tenant is paying below market value! Now my question if you are starting out and really wants to make things work, you have a growing family but at the same time you are scared from starting at 4 units because it might be overwhelming! if you guys in my shoes what do you choose and why!!?? I am really torn!! :( 

Thanks alot for this amazing website and you amazing people!!

Shuma

@Joshua Goston Hello and welcome, there is a meetup called Southern Maine Monthly Meetup on April 19th around 6 pm the address is 540 Forest Ave, Portland, ME. I hope that you can attend it. You can start your own meetup and invite the Mainers to it :) If you are willing to travel I think there are several meetups in Boston or MA as a whole! you can find all these meetups if you go to Network and then press events! 

Welcome to the community of Biggerpockets! Happy to have you here.

@Carl Hebert Thank you so much for this URL! 

@Harrison Smith I would love that! As a beginner in Real estate and in the US in general money is pretty tight so I can't do anything away from FHA, It would be great to talk to your contacts just let me know when and where?

Thanks alot!!

Hi Harjeet, so it is not true that the interest rates are fixed among the lenders if I am using FHA loan? in other words it is not true that if today's rate is 4.375% that means that all the lenders are going to give me the same rate?

Hi everyone! I am planning on buying my first Multi family house this fall, did some due diligence and the numbers seemed to be working just fine. My plan is to house hack. I did some research on the top lenders in Maine where I want to buy and it seems to be that every lender has the same basic criteria for FHA loan is this true? Shouldn't be a competitive and a little bit different from one lender to the other? Any advice to convince the seller to pay the closing costs or at least part of it?

Thank to all of you!

Late welcome to BP man! I currently work in Portland, my first Property is 3 units in Auburn 45 minutes north to Portland. I live in one unit and rent the other two. I'll be more than happy to chat REI all the time!