Updating property now that complete

[Mitch Hartford]

Investment Info:

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

Purchase price: $206,000
Cash invested: $90,000

3 family value add. Needed a ton of work, lots of sweat equity realized.

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

Passive income

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

Off market through a relationship with realtor.

How did you finance this deal?

20% down, commercial loan

How did you add value to the deal?

Remodel two units, cleaned up the outside.

What was the outcome?

Great cashflow, great equity.

Lessons learned? Challenges?

Should have remodeled two units simultaneously instead of one at a time.

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

Tim Fontneau Realtor
Partners Bank