All Forum Posts by: Peter Eiermann

@Bill Exeter @Andrew Warner - Thanks, very helpful, and good options. 

I am selling a SFR rental property I have owned since 2008 and will realize a nice gain. All proceeds will go back into a new deal/s. Trying to decide if I should use a 1031 exchange, or take the tax hit and have cash on hand which I could use as down payments for more than one buy and hold property (multi-family) or a flip? Timing is everything with the 1031, and with limited supply here is Maine I may not be able to identify and property/s to make the 1031 work. If I can identify a deal while I am under contract for my SFR I will likely use the 1031 and then pull cash out later, if I can not identify a property while I am under contract I will just take the cash. Any suggestions? Thanks.

Hello,

I am a new investor in Portland, Maine. I purchased my first property in 2008 and second in 2010. I am currently looking for multi-family rehabs, single family flips, and small commercial properties. I am also a licensed real estate agent. I have not attended SMREIA meetings yet but hope to soon.

Glad to be here.

Peter

Josh, 

There are many daily commuters from Portland to Boston, that would not be strange here. The issue a lender will have is with your primary residence status. Lenders will give you a period of time to occupy the property as a primary residence. Find a local Portland  loan officer and talk them through your plan. 

Portland, ME is a stable market, lots of competition for deals, small inventory, and the spring and summer has produced great comps.