Washington Court Investment Property

[Julia Edgerly]

Investment Info:

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

Purchase price: $215,000
Cash invested: $175,000

Two family building. Flipped in 2006. Under Agreement for sale.

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

It was my first opportunity to invest in a building I wanted to live in and it allowed me to make my money work for me.

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

A realtor found it for us. At the time I was graduating from college and began an investment company with my family. This was my first building and the only one I held onto. It was purchased from the son of the original owner. This is 100 year old building. We bought as is. Split closing. Closed in 8 or so weeks with a cash offer.

How did you finance this deal?

Financed this deal with my own cash.

How did you add value to the deal?

Lived in the building after purchasing. Tried not to outsource too much work if it could be helped. In the beginning do your own painting, cleaning, tile. etc. YouTube is a wonderful thing.

What was the outcome?

We are selling the building 13 years later for $408,000 to a nice couple from Idaho. We've made roughly $160,000 in revenue from the building over that time and now we will take that money and purchase a bigger building. I have started a property management company with my husband after working as a licensed Home Inspector in NH for the past year. We are thrilled to expand our journey in RE asset management.

Lessons learned? Challenges?

Investing with family is tough. It's better to challenge yourself and do things the hard way and on your own. The more you outsource your work in the beginning the less you grow. My challenges are going to mean pulling the lady card. If you blame me for that chances are you are part of that problem.

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

Yvette Hajjar - Carrington Realty.