Dover Maine Gem in the North Woods near Moosehead

[Wendell HII]

Investment Info:

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

Purchase price: $255,000
Cash invested: $66,000

This property brings added income with 3 bays of garage space rented separately, as well as coin op laundry

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

The price for a 4 plex was too good to not pursue

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

WE found this property through our property manager, as it was a property he managed. It was the first rent ready property we ever purchased!

How did you finance this deal?

We used commercial lending and proceeds from a property we sold earlier in the year

How did you add value to the deal?

So far we have paved the parking lot, we changed one of the units (the one vacant at purchase time) to a furnished unit and rent it as a medium term rental for travelling professionals.

Lessons learned? Challenges?

We could have performed better due diligence like using an estoppel letter but, we were fortunate to have dealt with an honest seller and good existing tenants

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

We used a lender and title company to close, but closed within 3 weeks of learning of the property