201 Elm Street Property

[Tyler Fournier]

Investment Info:

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

Purchase price: $203,000
Cash invested: $5,500

4 Unit property all with 1 bedrooms and 1 bathrooms. C class property in a gentrify area

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

What drew me to this property was having all the units under 1 roof. The property is small enough so it is very easy to manage and cashflows. This Apartment building has a ton of upside with small renovations to the kitchen and bathrooms. The city is gentrifying and values are on the rise.

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

I found this deal on the MLS. It was pending when I came across them but was working with the listing broker on another property. When the deal fell through he notified me. We were able to negotiate and come to an agreement before the listing went back onto the market.

How did you finance this deal?

I financed this deal as a FHA 3.5% down primary residence.

How did you add value to the deal?

To add value to this property I plan on redoing the cabinets counters and new appliances.

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

I representative myself during the deal. The nice thing about that was the commission I earned as playing the role of the selling broker almost covered the cost to close on the property.