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#460769 - 02/27/18 12:44 PM commercial property in Maine
moonstone Offline
Member

Registered: 11/12/17
Posts: 10
Loc: NH, United states
if one owns rental property in Maine, how many units in one building does it take in order to qualify as commercial property?

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#460770 - 02/27/18 12:50 PM Re: commercial property in Maine [Re: moonstone]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Most folks (lenders, assessors, brokers, appraisers) follow the HUD rules that says 5 units makes commercial. Your assessor may have a different view because of what else may be in the building, or based on how they have classified it in the past. But, generally, the magic number is 5 and it doesn't really matter what state you are in, if my experience is any indication.

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#460772 - 02/27/18 01:36 PM Re: commercial property in Maine [Re: Long Walk]
moonstone Offline
Member

Registered: 11/12/17
Posts: 10
Loc: NH, United states
ah, thank you Longwalk.

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#460774 - 02/27/18 02:16 PM Re: commercial property in Maine [Re: moonstone]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Just to clarify, Moonstone, retail, office, industrial flex and the like are always commercial, regardless of number of units. I read your question to mean apartments. Is that a good reading of your question?

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#460779 - 03/01/18 04:36 AM Re: commercial property in Maine [Re: Long Walk]
moonstone Offline
Member

Registered: 11/12/17
Posts: 10
Loc: NH, United states
yes. i'm licensed in NH. i have this friend that owns some rentals in Maine. remember my previous posts? i left the old realty & joined KW-thanks for the good advice.
i talked with the lady (on-boarding specialist) who was helping me about my friend in Maine who is not in good health so things may need to happen sooner than later...she said you can get licensed in Maine in a month if you are ambitious & asked me how i felt about that. i replied that the thought gave me chest pains. we agreed that it may be best to refer it out & i would get 25%.
on the other hand i wonder if i'm just 'phoning it in'. my boyfriend has offered to pay fees related to Maine licensure & thinks i should tackle this on my own. obviously i'm conflicted. what do ya think Longwalk?

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#460780 - 03/01/18 09:40 AM Re: commercial property in Maine [Re: moonstone]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Hi Moonstone--

Thanks for the update on your broker situation. I didn't want to derail your thread by asking.

Maine is a hard place to work for appraisers, so I can only imagine it is the same for brokers. Do you really want the headache of CE in Maine once you get licensed? Are you planning to do more work there that would make the time and expense worth it?

Realistically, can you get competent enough to serve clients in Maine?

Lots of questions, but I would think long and hard about what business I was in before I pulled the trigger on getting licensed there.

Sometimes, it is easier and more profitable to just refer work out.

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