My First Multi-Family - Brunswick, ME

[Brian Mitchell]

Investment Info:

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

Purchase price: $350,000
Cash invested: $45,000

First REI! Purchased in early April 2019. This 5-unit came with renovated rooms, new siding, and roof. Closed it with one unit vacant and will be able to fill that likely before 5/1/19. The property is a 10.9% cap but there is room for improving expenses.

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

The revenues made sense, plus I was able to get a small amount of seller held financing.

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

MLS. I used area comps to justify my price. It took a couple of sit-down meetings with the seller to come to an agreement.

How did you finance this deal?

Bank Financing w/ some seller financing.