All Forum Posts by: Quinn Martin

Plan to attend. I'm a multi-strategy RE investor based in Damariscotta. I invest in Midcoast and in Portland.

I am closing on the purchase of my third fix-and-flip this month (I also have one rental). I have had a builder/carpenter/handyman who I like a ton working with me the last 6 months. He is awesome and I would love to keep him with me for the long term, particularly as I scale up to doing more ambitious/complex projects. Anyone have experience bringing on such a person as a junior partner in some form -- for instance giving him a little sliver of equity in a deal, or agree to a profit share (e.g. 5% of profit) on a deal. Or full-on partnership in everything I do in REI, I guess. I would need to pay him his hourly rate regardless (he has a young family and his wife recently quit her job to stay home with a baby). I'm looking to incentivize him, encourage him to take more leadership in project management, align interests and keep him around for the long term.

Background: My first deal I made $210K pretax profit on $225K all-in investment, second one made $72K on $233 all-in. Next project will require ~$650K in investment, expect to make $200K+ in profit. I am providing all the financing, sourcing the deals and providing some sweat equity. Potential partner is labor, doesn't have $ nor tons of business acumen, but he's a great worker, has good judgement, ambitious, etc.

Thanks for any and all ideas!

@Jeremy Segermeister Consider not buying title insurance to save on closing costs when you buy

Hi Fred, Thanks. I am looking to lend a rehabber $15K. Looking for a contract template that ensures I get my money back at the end of the loan term, and if not then I take the collateral (the property I lent against). 

Hey BP, Does anyone have a bulletproof hard money loan contract? I am not seeing any in FilePlace. Thanks much!

Thanks!

@Tyler Bushey Thanks for sharing that research note. Lots of useful data points!

@Russell Brazil Point taken!

@Cody DeLong thanks for the feedback and the Lewiston-Auburn idea. Any view on Augusta?

I purchased a condo in Portland, Maine with cash five years ago for $155K. It's worth $280K today. The appreciation has been great, but it feels like it has run its course.

Rent is $1550. Expenses are an HOA fee of $313/month. It's a very nice unit in a great location (A-/B+) in an attractive, well-run building. Super easy to self-manage. I have always had problem-free tenants, only been vacant for 1 month total and maintenance has been extremely minimal.

If I did a cash out refi I wouldn't even break even.

Should I sell it and 1031 into something on which I can generate more cash flow? And if there are any Mainers here, any recommendations for markets in Maine with more attractive cap rates and appreciation outlook (not interested in out-of-state investing)?