Goff St 3 Unit in Auburn, Maine

[Jason Kern]

Investment Info:

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

Purchase price: $145,000
Cash invested: $39,000

This is a three unit building in Auburn, Maine is one of several that I own in the Lewiston and Auburn area. I'm most interested in buy and hold while "Managing it up" over time. I've spent more than I anticipated this past year but the position in the property remains strong and the cash flow is positive so it's building equity over time. I plan to hold this for a long term equity play.

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

This was a standard MLS listing.

How did you add value to the deal?

I've "turned" one of the units and updated several aspects of the other units. I've updated flooring, vanities, fixtures, exterior stairs and replaced the roof. I've also replaced the sewer line.

Lessons learned? Challenges?

Keep good reserves. You may need to use it when you discover a leaky roof or faulty sewer line. Expect the unexpected.