House with 105 acres, Ponds, Views

[John Ford]

Investment Info:

Single-family residence buy & hold investment in Jackson.

Purchase price: $100,000

This is a unique property that I purchased at a foreclosure auction with 105 acres and an old farmhouse. I completely renovated the house from jacking, replacing sills, new floor system, insulation, wiring, drywall, flooring and more.

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

After a divorce in 2016, I needed a place to live and a project to occupy my mind.

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

It was an auction,

How did you finance this deal?

Local bank - Damariscotta Bank and Trust. Used credit cards and lines of credit for renovations and then refinanced at the end- BRRR

How did you add value to the deal?

Sweat Equity... Also the land itself was valued at almost what I paid for the whole property to begin with.

What was the outcome?

I am currently leasing the property and it is one of my best cash flows!

Lessons learned? Challenges?

I don't want to take on that big of a renovation any time soon!

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

Ed Varney at Damariscotta Bank and Trust was great to work with on this!