Manchester, NH Buy & Hold (Potential Flip)

[Matt Ternullo]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $320,000
Cash invested: $75,000

Contributors:
Jeremy Nault

Duplex with 2- 3bed/1bath units located on a main throughway in Manchester, NH

What made you interested in investing in this type of deal?

The unit was currently rented to good existing tenants who wanted to stay, the numbers worked with it cashflowing 8-11% immediately with no rehab.

How did you find this deal and how did you negotiate it?

Met Jeremy Nault through the forums who became my agent and shared this deal which was on the MLS

How did you finance this deal?

Conventional 20% down payment loan

How did you add value to the deal?

Will be adjusting tenant leases to increase cashflow without raising rents immediately. Plan to do a large rehab in 2-5 years to increase rents and forced appreciation on this older building.

What was the outcome?

Just closed, numbers look great, results TBD

Lessons learned? Challenges?

Financing with a STR on my books that isn't yet on tax returns, learned many different financing models in my research.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jeremy Nault - Berkshire Hathaway Homeservices Verani