Going under contract on my first MFU in Waterville Maine

[James Manzer]

Hi Everyone! My wife and I are investing in our first MFU in Waterville Maine. Its a 4plex, fully rented, goodish condition. The bigger pockets site, podcast, and books have been critical to feeling good about my deal. We were able to negotiate the purchase price down to $112,500 with seller contributing $6,675 towards closing costs. Expenses including Mortgage Taxes and Insurance are $19,788 and rents today are $27,144. This includes hiring a property manager as we both work 60 hours a week. Cash Flow of $7,356. We plan to put all of this in the bank to save for Vacancy, Repair, and CapEx. Rents are low (one tenant has lived there for 25 years) even for this area. We expect to keep the tenants in at the current rents. Fix up the units and raise rents with new tenants.

I have worked as a Project Manager and Sales Manager for a couple different building science/energy efficiency businesses and currently work for a solar design and installation company.  I expect to use my experience with energy efficiency and solar to reduce our heating and other energy costs while adding value to the property.

I'd love feedback on our deal.  We go under contract tomorrow morning.  We begin the inspection, appraisal, etc. process so not to the finish line yet.

Really excited and of course a bit nervous.  We've worked hard to save up our down payment and after making 15 CENTS a month with it sitting in our savings account we're excited to put that money to work!

James