Give it out in slices and it comes back in loaves!

[Benjamin Dutil]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $270,000
Cash invested: $19,700

This property was sold to me from a veteran's PR after passing. I was the general contractor involved in special adaptive housing (SAH) remodel for the veteran's disabilities through the Veterans Administration. Upon his passing the family offered me the property before listing it on the market. The PR said that because of our relationship we built through the remodel they would sell it to me for what was left on the mortgage plus $13k for the expenses which totaled $270k. Appraised for $360k.

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

The ability to have our own single-door home while having most of the mortgage paid for by freeing up one of our apartments in which we occupied.

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

A professional relationship through my remodeling business. Negotiated by explaining I could not afford this type of property in the current housing climate.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

The property was previously remodeled by my company when the veteran was alive.

What was the outcome?

I closed on the property months after I had moved in. I had to wait for my 2021 taxes to be filed in order to qualify for the mortgage.

Lessons learned? Challenges?

Remodel as if it was your own property which is my guiding light through all our remodels. Challenges: We had to install a sprinkler system prior to the passing of the veteran. I didn't consult the code office prior to starting the remodel.

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

Laura Fleischer of Remax in southern Maine (Lakes region.) She's my go-to agent any time we are executing a deal. We just love her and she's saved my butt more than once!