197 Elm Street Property

[Tyler Fournier]

Investment Info:

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

Purchase price: $220,000
Cash invested: $6,000

4 unit property all with 2 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. The property was under contract when I first reached out to the listing broker. I was working with the same broker on another deal when he notified me this property's contract was going to fall through. I was able to negotiate on behalf of myself because I am a licensed broker and we came to terms before the property 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?

I plan on replacing the cabinets, counter tops, new bathroom and appliances.

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

I was the real estate broker in this transaction. The nice thing about representing myself was the commission I earned almost covered the closing cost.