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Old 08-10-2011, 11:03 PM
 
38 posts, read 60,511 times
Reputation: 13

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I'm considering the purchase of a foreclosed multifamily in Caribou, ME. I'd be buying it because I need cheap space to live, work, and derive some income.

I've never been there before--I know it's way up north in ME. Is there anything I should know, good or bad, about this area before further considering buying a house there?

I already know about home inspections, etc., and have that all locked down.
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Old 08-11-2011, 01:19 AM
 
Location: Caribou, Me.
4,861 posts, read 3,517,391 times
Reputation: 3402
While the economy of the Caribou area is hurting now (like almost every place in the country), Caribou is a service center for the surrounding area, and is fairly stable. We have really enjoyed living here. The heating set up for the building would be important (including insulation).
If you direct message me with more specifics I can try to be of help.
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Old 08-11-2011, 12:02 PM
 
Location: Brewer
48 posts, read 95,527 times
Reputation: 39
Depending on your line of work, you might have a really hard time finding a job. Great quality of life, though.
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Old 08-11-2011, 04:05 PM
 
Location: Gorham, Maine
1,815 posts, read 4,267,470 times
Reputation: 1240
Quote:
Originally Posted by Madamex1968 View Post
I'm considering the purchase of a foreclosed multifamily in Caribou, ME. I'd be buying it because I need cheap space to live, work, and derive some income.

I've never been there before--I know it's way up north in ME. Is there anything I should know, good or bad, about this area before further considering buying a house there?

I already know about home inspections, etc., and have that all locked down.
Will you be paying cash or financing this purchase? Have you owned multi units before? Will it be your primary residence or a seasonal property for you? Have you examined the last known income and expenses associated with the property? Does the property have systems and appliances in place or do you need to supply them in order to purchase? Is it priced appropriately compared to other recent sales in Caribou and/or the surrounding towns? Are you familiar with the forms necessary to complete a purchase and sale agreement in Maine?

These are some of the things I normally cover early in my buyer interview and I'm probably forgetting other key questions. It's one thing to fall in love with an online picture and copy, it's quite another to actually successfully purchase the property successfully.
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