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Southern Angel Properties
Winslow, ME 04901
Phone:
Maintenance, General
(207) 873-9321
manager@sangelproperties.com
Rentals & Leasing
(207) 314-4029
leasing@sangelproperties.com
You're the best landlord we've ever dealt with
S.C. - Waterville
We've been able to cut the heat back TWICE now becuase the weatherization improvements have made such a difference.
D.B. - Waterville
You have been a fantastic landlord.
R.H. - Waterville
...Really, you and Ken have the been the best landlords I have ever had, and I'd tell anyone that.
H.C. - Waterville
Thank you for being involved, I've never had a landlord who was so concerned about the other tenants. It is very appreciated.
A.H. - Waterville
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Buildings we are interested in acquiring
Although we are near our quota of acquired units for this year, we would make an exception if the deal was attractive, and/or was strictly owner financing. (preferably full-term).
If we can't get Trump Towers in NYC for $20k per unit, then we are interested in owning buildings that adhere to the description at the bottom of the page called "Investment Criteria." We also have buildings for sale, so a 1031 exchange would be possible. Like any deal, we are willing to pay more for better terms, less for a straightforward cash or bank financed deal.
For clarity, I use the following grading scale for properties:
Class A: Upscale new
This might include Mayflower Heights, or a golf course condo development.
Class B: Upscale, great neighborhood, Older or Middle Class New
This could include the stretch of Mayflower between first rangeway and colby, or Cherry Hill area, or Smiley Ave area in Winslow.
Class C: Blue Collar
THIS IS THE CLASS WE'RE INTERESTED IN: multi unit buildings in halfway decent predominantly single family neighborhoods.
PERFECT examples are Prosepct St, Boutelle ave., Pleasant St., Gillman St area in Waterville, or neighborhoods behind St. John Church in Winslow (S. Garand, Rousseau, Halowell, etc.)
GOOD to GREAT examples are upper Main St. Waterville (anything from Grondins to Wendy's) and some of the side streets off Pleasant.
Class D: Don't go after dark
The title of this class may be too harsh. It's simply been our experience that these areas attract a rough crowd and are higher in management headaches, that's all. These areas include:
Water St., and any streets off Water. Summer St. from Gold to Sherwin, Pretty much most of the South end.
Halifax from where it meets Bay St to corner of Monument, as well as Bellevue St. Clinton Ave from bottom until it hits Monument.
Investment Criteria
So we're looking for (preferably) 4 units and up in Class C areas. In addition, we look for units that are "easy to rent." By this, I mean that 8 out of 10 qualified people we show to should find the unit desirable. This usually means decent yard, decent neighborhood, decent layout, enough room, and an extra perk or two. (wd hookups, garage, large mudroom or entry, extra storage, etc.) Regarding layouts, we look to avoid situations where you have to go through a bedroom to get to a bedroom, a bedroom to get to the bathroom, etc. If it's a 4 unit and ONE unit has a challenging layout, we'll often overlook it. What we're looking for is to avoid giving good prospects a reason to say "I'll pass." We don't mind if a nice building is filled with undesirable tenants, but we will need to be compensated for the time and expense of "turning the building around."
If there are 3 stories, there should be "up to code" egress or exits from 3rd story, preferably covered exits.
We will buy completely stressed and distressed but there are certain problems we'll take on and certain ones we won't.
Problems we'll accept (but discount)
- Dozens of coats of paint over improperly prepared wallpaper
- Old drafty windows
- Undesirable tenants
- Mysteries: Where are the zone valves? How much oil does the building REALLY use, etc.
- Slow drains
- Outdated, false or sloppy financial data
Problems we won't accept
- Foundation Problems
- Non-conforming units with no clear resolution
- Any situation where the building has a bad reputation earned over many years.
We'll "buy into" most of these problems, but our offer will be commensurate with the problem or unknown. Each "problem" is a risk. And each risk must be countered by a financial margin of error (aka discount).
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