All Forum Posts by: Stephen Marcil

Excellent. Bob will bring a lot of value to the meet up.

Burke's Roofing and Masonry has done strong work for me in Brunswick.

Hope that helps

Hello. I would appreciate feedback regarding the viability of obtaining a VA loan for a secondary rental property and if approved, would this second loan make it difficult for me to buy another primary residence if I should move in the next few years? I have ~$150k in student loans and a credit score > 760. I have about 4 years left until all of my loans are forgiven and I currently make about $90k annually. I have a HFA loan for my primary residence and would be obtaining a rental property with my father and his VA loan. Currently my monthly student loan payments are $183.00. Do you think my student loans would hinder my ability to obtain another mortgage if bought jointly with someone who has a credit score >800 and no debt? Thank you.

Hello. Recommendations would be appreciated. 

Question: Should I sell my current home and use the capital gains to purchase higher cash-flowing properties or use it as a buy and hold?

Background:

5 years ago my wife and I bought our starter home. 3 bed./2,5 bath w in-law apartment, 2200 squ/ft in New England. We are looking to move to a larger home in the next 1-2 years. Since closing on our current residence we have basically updated everything (outside: deck, roof, paint, inside: paint, bathrooms, appliances, flooring, etc). We currently owe $230k and recently had our home appraised for $400k. My wife and I are full time therapist's in our early 30s. I run a mobile home-buy/sell for payments business on the side so I am familiar with purchase/closing docs and have a rehab team that is strong and dependable. I would like to begin branching out into multi/single family homes this year for buy and hold cashflow model. I am indecisive on what may be best since our current home has just had a complete remodel so it should hold up well for a while before significant rehab costs are needed, however, I may be able to use the equity in the home for higher ROI properties. 

Thanks

Steve

Steve

Thanks to everyone above. I am looking to invest in cash flow properties. I have experience w/RE investing in the previous market I was living in (AK) now I am in ME and was informed by a local RE investor to check this advisor out as he works with many local RE investors. Big picture, I really want to get an idea of what type of property rents well out here and perhaps expand my RE network. 

I recently moved and am starting my RE investing carreer. I have an appointment set up with a tax advisor who works with other local RE investors in the area. Any suggestions on what questions I should ask would be helpful. Thanks.

Thank you all for your replies. I am using an agent to assist me in the negotiations. It is a unique situation I guess. On the seller's side, the broker and wife are still willing to negotiate the price down. However, the husband has recently moved away for work and appears to be the "stick in the mud" so to speak. From listening to the agent and broker, something "fishy" is going on with the family (not sure if divorce or what?) I think I will move on but keep an eye on the property and maybe throw out another offer if it is still on the market in a few months. Thanks everyone for your help.

so I put an offer in on a house. The wife was on board to counter but her husband is unwilling believing that if they weight until the spring they can get more money. At current asking price, the house is over valued by about 15k when compared to similar homes in that area ,  and in need of  repairs. The house is located in a up and coming neighborhood where a typical listing will last 1-2 weeks before put under contract. This particular house has been on market for >2 months. The immediate plan I have  is to make this house a starter home then a rental. Any advice on how I might be able to motivate the seller to lower their asking price? Thanks.

Thank you for all of your responses I found them very helpful. Does anyone know of any books/educational tools that they would recommend for a beginning RE investor? Also, I have done some research regarding the demographics in southern Maine vs New Hampshire (Portsmouth area). According to the 2010 census, the largest areas in Maine grew ~ 3% regarding population, over the past decade compared to New Hampshire with 10-12%. I would think that either area could produce good RE deals, but the larger growth rate in New Hampshire makes me think it may be a better area for RE appreciation. Any thoughts would be appreciated. Thank you for your time.

Hello. My name is Stephen and I am looking into cashflow real estate, potentially single family vs condo homes in the Portland, ME area. My current strategy at the moment is to look for investment opportunities surrounding medical centers and universities in my local area. I would not limit myself to only those areas, but it seems to me that there will always be demand for housing there? I am excited to begin this new chapter in my investing career. I want to start with smaller homes. I am continuing to educate myself in real estate investing and found bigger pockets which has been a great tool. Any advice on the areas listed above or in general to a beginning investor would be greatly appreciated.