Renting A Maine Home, Apartment, To Your Family Member, Not Strangers.
Years ago it was common place to have three generations of a family in Maine under one roof.
Especially on Maine farms. Because many hands make light work. And for economic survival reasons.
Just like the Walton’s television show a few years back now in full swing rerun rotation.
Mom and Dad became Gram and Gramp and moved back in to the small apartment on the rear of the Maine home.
That was where the son and daughter in law lived and were thinking of starting a family. And needed the bedrooms to fill. So swapped places.
Due to being at different places in their life cycle.
Hired hands on the farm happened to work their room and board in the rear section, the “back shed chamber” area.
But large famlies in the Maine homes were required, common place to work the farm. When horsepower was not something large numbered under a shiny expensive hood. But four legged and counted one by one. Out grazing in the rear pasture, the standing or box stalls when not hooked to equipment, working the fields. Earning their keep on the Maine farm operation.
Multi unit Maine rental properties that are filled with family members, not just tenants that are total strangers.
That you know, love, trust. And that could be your favorite Aunt and Uncle. That rent 4B and Uncle Bob is pretty gifted with a skill saw, carpentry tools and always willing to lend a hand. Aunt June makes a mean peach cobbler and strawberry rhubbard pie too.
And your grandparents or approaching golden year Mom and Dad are in another unit of the large old Maine home that has been converted to apartment rental units. Renting to family you enjoy, hang out with and worry about now anyway.
There are win win situations for the family members and the Maine income producing property mortage holder who knows the rents are coming in like clock work.
And wear and tear, above and beyond abuse is not likely to happen. Not an issue. Because you know the people. What you are getting into or not.
Red flags from inlaws and outlaws can mean your family is not a good candidate for a Maine apartment unit transplant.
So may your personal situation would not pan out. Only you know if you have the right family members or not to make this rental property in Maine turn out with a happily ever after movie ending or not.
But if you have respectful family members or know the folks you rent to going in, there is less or no drama from nasty evictions when the rent fails to come in monthly. As the garbage piles up, just like the legal fees to give the tenant the book.
By the letter of the law which takes longer. And can be expensive because the seasoned tenant that hopes from apartment lily pad to pad knows the process better than the new, inexperienced Maine apartment house landlord does.
A couple of examples to consider as illustrations for Maine rental apartment property listings to consider investing in?
Okay, how about 32 Highland Avenue Houlton Maine, a three unit in tip top shape in the $80’s. Updated, neat, clean. Two blocks from Houlton Regional Hospital. Same distance to down town shopping, the movies, places to eat.
Or maybe this works better. Here’s another value property listing at 6 Cleveland Street Houlton Maine. Asking $94,500. Deep lot, quiet area, rent out one floor, use the other yourself and pretty simple, easy peasy. Has two porches, one glass, one open for summer living. A carriage house and only a couple blocks from the elementary and middle schools of Houlton Maine too. The little league baseball field complex is handy to this location too. Just a couple of suggestions.
Maine, big state, less people, more outdoor natural beauty happens here. All four seasons.
207.532.6573 | [email protected] | MOOERS REALTY 69 North Street Houlton Maine 04730