All Forum Posts by: Robert Nason

I own a building with a homeless shelter down the street. My property is constantly being filled with litter, drugs hidden all over, under tree and bushes and police constantly in my parking lot because of the shelter down the street. You will never feel safe going into your own property.

Allure vinyl plank flooring. It's very reasonable, very durable and definitely a do-it-yourself project. I also have college rentals and I would put nothing else in there. If something gets damaged just take it out put a new one in. Like someone said you have to do it right, take your time and it will be a beautiful finished durable product.

I only buy and hold multi family's that are at least 8 units. I buy in C or B communities. I will look for something that's going to be able to achieve a great after renovation value. Here are my last two deals. Property 1: 8 unit brick building Purchase 4 years ago price $820k. The rent when purchased was $7500 a month, after $30k Reno the rents are now $12,500 monthly. Refinanced took $250K out to purchase property #2 Building reappraisal $1.6 million. Property 2: 12 unit brick building Purchased 2 years ago $1.2 million. Rents were $9000 monthly, after $60k renovation, rents now $15k per month. Building reappraisal $1.8 million. I recently purchased a historic building in Kennebunkport Maine which I will be developing into five luxury apartment buildings. All in will be $850,000. I plan on renting them out individually on a weekly basis during the high season.

Easy answer: if your counters look like hell then don't bother with the lighting. If your counters and backsplash look great then provide the lighting

I personally love the Guilford area. You can get some great property with wonderful views overlooking the lake for reasonable prices. I was ready to pull the trigger on a deal there when an opportunity to develop a property in Kennebunkport came along. Gilford sits on the south side of Lake Winnipesaukee making it an easy commute for Boston vacationers. I think if you can have something with three bedrooms and two baths it's a homerun in the area. Good luck in your search.

For me I want $500, but I will put 30% to 40% down typically.

Andy Mortensen as of this morning the parking issue has been resolve thankfully! Given that the parking situation has been alleviated I no longer have to classify it as an Inn. I will now build them out as high-end luxury condos and rent them out on a weekly basis. I love the Portland area and looked at a couple properties downtown but was unable to make a deal.

Wait until it becomes 100k

Hi I am a long-term real estate investor and I have stumbled upon when I think is a great opportunity and I'm looking for a little advice. While looking to purchase a vacation home in Kennebunkport Maine I came across a building from the 1880s that needed a complete gut renovation. After back-and-forth discussions with local zoning officials and I've determined that I can build four luxury apartments approximately 1000 ft.² each. Purchase price is in the low 400,000's after construction costs of $400,000 we are all in for $800,000. After renovation value would be approximately 1.2 to $1.4 million. A couple of issues that I'm having is the town is saying due to the limited parking I would have to call the building an "Inn" which could impact resale down the road. Also if I install full kitchens I would have to sprinkler the entire building. Conversely I could just put in mini kitchens without cooking facilities and save the sprinkler cost of $35,000 and approximately $40,000 by installing mini kitchens. This is in walking distance to all amenities and beach activities. Peak season rentals would be between $400 and $500 per day, off-season would be $250-$350 per day. Any thoughts would be appreciated.

As a former owner of a collection agency I would recommend to hire a lawyer first. That way it gets it into the court system and protects your interests moving forward. If the collection agency finds the particular debt to difficult or deems it unworthy of their efforts then you are just left there sitting without any action on your behalf. Go through the proper steps with your local sheriff and courthouse.