First Deal in Southern Maine!

[Zachary St Laurent]

Investment Info:

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

Purchase price: $385,000
Cash invested: $50,000

Duplex close to the beach in Southern Maine. 7 Month lease in in both units for the off season. Weekly rentals on Air BNB during the summer season.

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

I knew the area and had lived in town before. I have a hospitality background so i was looking for something that would work for a short term rental as well as a long term rental.

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

Found this deal on Realtor app. Set up showing and ended up seeing it first. Made offer same day with no contingencies or inspections.

How did you finance this deal?

Bank financing. 30 year loan.

How did you add value to the deal?

Fully updated electrical, plumbing, new roof, landscaping, renovated both units - new kitchens, baths, flooring etc.

What was the outcome?

Doubled rents and triple mortgage payment in summer months.

Lessons learned? Challenges?

Home was built in 1920. Ran into many challenges with un level floors and less than ideal building quality in the addition portion of the house.

Biggest challenge was funding the renovation after an already large down payment to finance. Had a tenant in the first floor unit while renovating the upstairs which helped alot.