First property a bit overwhelming.

[Jon Mccarthy]

Investment Info:

Single-family residence buy & hold investment in Biddeford.

Purchase price: $190,000
Cash invested: $31,000

bought it for 2 years doing a buy and hold or a brrrr but we will be renting each room out to college students.

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

It was a last resort moved from Wyoming to Maine and was desperate.

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

Through a realtor and didn't negotiate it.

How did you finance this deal?

FHA, Cash down

What was the outcome?

Still working on it.

Lessons learned? Challenges?

Will come back to this since the list is growing.

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

Harrison Smith hands down best Realtor/Broker will work hard on your behalf.

[Eileen McCue]

Congrats on the first deal! It does get better/easier. We are in central/midcoast Maine. We bought a single family home to live in and convert the second floor into an apartment as a buy and hold rental, doing most of the work ourselves and paying for it out of pocket as we went. We thought we'd have it done and rented in a year, but life circumstances (a new baby and a new demanding job) slowed us down considerably. It seemed like it was never going to be done, and I often wondered if it was worth it, but five years later, we got the upstairs rented to a great tenant! That first rent payment felt like magic! That was a year ago, we now have the first floor rented and that property has great cashflow. We are now doing a live-in reno on our second duplex, and closing on another duplex and a 6-unit in the next couple of months. It has been super helpful to connect with other investors in Maine and find a good team (commercial lender, CPA, realtor, etc). Also, it made a big difference to listen to Bigger Pockets and other REI/FIRE podcasts during what felt like endless renovations to keep us motivated! Hang in there!