All Forum Posts by: Nick Maynard

Hey Patrick, I actually ended up just meeting with my town's code enforcement officer and confirming everything with him. 3 other people in my town have used this program so far to build separate houses on their lots, so he had some experience with seeing the process through. As long as the new house meets all of the town's zoning requirements, he said that we could indeed build a second house on the lot and it would be treated essentially as a condo. We could sell that house by itself, but it would be sold under a land in common agreement and an HOA would need to be formed.

I also confirmed with the Public Works department that a 2nd driveway can go in, with a septic designer that there's room for second septic tank, and with the public water company that they can tap into the main water line from one of the neighboring roads.

I'm sure there are some more details that I would need to iron out that the code officer didn't bring up, but the high level answer I was looking for is that my town does allow selling off a second house under the LD 2003 legislation.

Thank you! @Patrick McCann

I'm considering buying a property in Southern Maine that is about 5,000 sq ft too small to legally subdivide per the town's zoning rules. I was told about the LD 2003 program which allows property owners to build a second home on the property and it will not be considered an ADU. One of my biggest questions is could I sell that second house on its own once it's built? Would it just be like a condo at that point? Or do you need to sell the entire property together with both houses? I read a bunch of the guidance online but I can't tell exactly how the property is classified once this has been done. Ideally I'd like to buy the property, build another house in the large back yard which has access to a neighboring street for a driveway (also not sure if that would be allowed), and then sell that house completely separately. Wondering if anybody has done something similar through this legislation before.

Hey Amit. I operate an STR management company here in Maine and am always analyzing properties through AirDNA and a couple other tools. The seasonality up here can skew the data pretty hard sometimes. Happy to share all the info I can gather on AirDNA with you, feel free to shoot me a message.

Nick

Hey Michael,

My wife and I operate a short-term rental management company here in Southern Maine and currently manage 10 properties between Portland and Wells. York is an awesome STR market and we're hoping to expand down there at some point. I have access to a bunch of STR data and would be happy to provide you with a revenue estimate for this home if you'd like to connect and discuss your plans for the property. As others have mentioned, the property's potential will vary heavily based on the amenities you can add, the guest avatar you market to, and what you plan to do with it in the non-peak months. There are several mid-term rental strategies you can set the property up for that can help maximize revenue in the off season.

Nick

 @Eddie Gonnella Appreciate it, Eddie! Hope all is going well with the latest purchase! We'll have to catch up sometime soon.

Nick

Hey Eric,

My wife and I operate a full-service short-term rental management company here in Southern Maine. I've learned a lot about how the large PM companies operate and why they don't seem to be a great fit for a lot of property owners, but still can be for others. I'd be happy to connect and share my thoughts and see if we might be a good candidate for managing your home. Feel free to send me a message on here or reach out through my info on my profile.

Nick Maynard

Hi Ryan,

I operate an STR management company here in Maine and my family owns a camp in Rangeley about 20 minutes from Saddleback. I have access to a bunch of data through my AirDNA subscription and would be happy to share any available information about those markets and that specific property. Feel free to send me a message if you'd like to connect.

Nick

 The 5% Home Possible seems like the best loan out there. Wish it was still around.