7 Unit Added to the Portfolio. Scaling Up

[John Bonhomme]

Investment Info:

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

Purchase price: $129,000
Cash invested: $29,000

7 Unit Multifamily with 5 Units Rented.

Purchased from same seller and was able to negotiate down to make the numbers work.

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

The numbers worked and my other property in the same Town is performing above expectation.

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

Purchased a property through same seller late last year.

How did you finance this deal?

Commercial Financing through credit union.

How did you add value to the deal?

Experience

What was the outcome?

TBD

Lessons learned? Challenges?

I always strive for 10% caps and the other building I purchased from them last year has exceeded that. This building once fully rented should hopefully maintain similar performance.

Out of state investing is where it's at. Once you get over the fear and discomfort there can be a lot of money to be made. Especially when growing up in a saturated expensive city like NYC.

God Bless. Stay Safe and Stay Healthy. I hope you all achieve financial freedom through real estate.

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

Denise Anderson