Elm Street in Brewer

[Timothy Smith]

Investment Info:

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

Purchase price: $220,000
Cash invested: $41,000

Sick of all the fixer uppers? This 4 unit is in excellent shape with excellent long term tenants. each unit has 2 bedrooms. and the location is great. Obviously this is a wonderful opportunity for an investor but what if you just need a nice 2 bedroom place for yourself? Buy it, move in, the rent will more than pay the mortgage. You live for free and bank a some each month. It almost sounds to good to be true but it is not. One last point, the present rents are quite a bit below the going market

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

Looking to buy and hold for growth, principle pay down, cash flow, and hedging against inflation.

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

I found it on the MLS system - moved quickly because of desirability got a seller credit of $5000, and negotiated $5,000 off.

How did you finance this deal?

The first national bank commercial loan.

How did you add value to the deal?

Multi-family was completely updated - however rents were very low. Will be immediately increasing rent.

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

I am a full time Realtor.