First Buy and Hold Investment Property in Wells, ME

[Matthew Lacroix]

Investment Info:

Condo buy & hold investment.

Purchase price: $455,000
Cash invested: $95,000

Rents 10 months per year. Use a property manager. Now worth $575K.

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

Within 10 min of the beaches. On Old Marsh Country Club.

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

New Build. Bought in 2020 during Covid at a $10K discount.

How did you finance this deal?

20% Down. Conventional Mortgage with a 3.5% rate.

How did you add value to the deal?

Bought at a discounted rate.

What was the outcome?

Home is appreciating nicely. Currently over $225K in equity.