11 Unit in Livermore, Maine

[Cody DeLong]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Livermore.

Purchase price: $275,000
Cash invested: $55,000

All units are 1/1 units with all utilities included. We immediately added coin op laundry, swapped out all lights with LED, replaced and painted the sign, replaced outside lights and added safety lights, cleaned up the outside. As the inherited tenants move out we're cleaning and fixing all the units that either need repairs or new flooring. All cabinets, appliances, and bathrooms are pretty new and standard.

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

Wanted to invest in a multifamily for my first deal.

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

Purchased the deal through a contractor I've done work with before who was forced to sell.

How did you finance this deal?

20% Down and Commercial Loan

How did you add value to the deal?

Coin Op and Raised rents that were all below.

What was the outcome?

Higher rent

Lessons learned? Challenges?

Longer time of getting units fixed up

[Cody DeLong]

@Elliot B. There is no true NOI when I bought t. The finances were a mess!! I'm still surprised the loan went through but the numbers are solid. I'll cash flow about $2200 a month after everything by the end of the year. Maybe more if I can get another 2 Section 8 tenants in there. At 1 bedrooms Section 8 is great because it's usually an older single person or a couple. Not big families etc where a lot of problems lie sometimes.