All Forum Posts by: Nathaniel Seekins

Nathan, I may be mistaken but I think the notice period for month-to-month tenancies in Maine is currently 45 days per a pandemic executive order. This may have lapsed but it’s worth double checking. Also, if you serve notice before the end of June you may find the tenant claim eviction protection via the CDC eviction moratorium.  Speaking from experience.

Ok, makes sense that there won't be significant physical improvements. I know very little about purchasing and valuing hospitality businesses. I assume the business is valued using a cap rate on it's NOI, just like commercial real estate?

Just thinking out loud... if you have a track record and a viable business plan to increase revenue then you may have luck finding a lender willing to lend based on those future revenue levels.  Same logic that applies to multi-family re-position deals that raise rents and lower expenses while avoiding substantial physical improvements.

Lenders may be a little hesitant about hospitality with Covid but others may be bullish expecting a post-lockdown tourism boom.

All just food for thought. :)

Melanie, 

Is this a value-add deal?

What are the rough numbers  Purchase price, current value, estimated value after re-position, cash you're bringing to the deal? Re-position timeline?

I'm a BRRRR investor so the purchase strategies that come to mind need those as inputs...

Sounds like a fabulous project if the numbers work.

Hi @Gillian Roy

We have a monthly (currently virtual) meetup for central Maine investors.  I'd be happy to add you to the mailing list if you'd like to shoot me your email in a PM. We meet via zoom on the first Wednesday of the month.

One of the best parts of a monthly meetup is building meaningful connections with like-minded folks. Unfortunately, transitioning to these online meetups has removed that dialog, pushing us toward a content-driven format.

We're going to shake it up this month:

- No guest speaker
- No pre-planned content
- 100% participant conversation

Jump on this informal Zoom meeting with your fellow investors (whether you're a newbie or industry veteran). This could be a disaster... or a truly awesome conversation. Either way - we're looking forward to seeing you online September 2nd!

Register for the Zoom Meetup Now! : https://bit.ly/2QWEcXb

Whether you're just starting out or you're a real estate veteran, consider yourself invited to our Central Maine Investor Meetup.

We meet on the first Wednesday of every month so mark your calendar!

Please click the "Attend Event" button if you plan to attend so we can get a sense of numbers and please share this event with anyone you feel might benefit from attending.

PRO TIP: If you'd like an email reminder of this event please PM me with your email address.

Keywords: Bangor, Maine, Meetup, Brewer, Orono, Old Town, Hampden

Fair Housing Laws

A panel discussion with...
Mick Delargy, Chip Foss, & Jeff Russell, Esq.

Throughout the coronavirus pandemic, we continue to see how important open, honest, and frequent communication is between Tenants and Landlords.

Join us for a virtual panel discussion about fair housing laws. What they are, how they shape our communication with Tenants, and how they impact our daily operations.

These laws affect every Property Owner, Manager, and Landlord - this is a discussion you don't want to miss!

Register for the Zoom Webinar Now!

Hi @Sara Rush.  Please send me your email via PM and I'll add you to the mailing list.  Thanks!

Hi @Bethany Turon

We skipped July's meetup (we were planning an in-person event but bar re-openings got pushed back).  We'll certainly be having a meetup in August, virtual or otherwise. I'd be happy to add you to our informational email list if you'd like?

The CARES Act & Real Estate

Presented by Justin Freeman, BBSC Accountants

We're continuing the COVID-19 rollercoaster with another virtual meetup!

The CARES act, a (massive piece of legislation passed this spring in response to COVID-19), has made some significant changes to the tax code.

Although, for most of us, taxes can be kind of boring... taxes also represent a wealth creation center in Real Estate so changes to the tax code are something to keep up with.

Justin has spoken with us on several topics in the past and he's volunteered to give us the run-down on how to make the most of the CARES act tax changes.

Make sure to register for the Zoom event here: https://bit.ly/3dc01v9

I've met a few wholesalers working in the Bangor and Portland Maine areas. Derek DeCesere comes to mind.  [email protected]. Not sure what he's up to now. Last contact I had with him was in 2018. Nice guy, driven, ambitious.