Southern Maine Multifamily BRRRR

[Michael Susi]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

42 Market St is a BRRRR investment. I purchased it with hard money, with about 10% of the acquisition price down and 100% of the renovation funds financed. I plan to make improvements to 2 of the three units (the third unit is occupied by a tenant currently), then rent the remaining units, and refinance, ideally pulling out the cash I have invested at that time.

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

I was interested in this type of deal because:
a) The monthly projected cashflow
b) The ability to pull my cash back out of the deal upon refinancing, so that I can put it towards another project

How did you add value to the deal?

Renovated each the vacant units, and I am currently in the process of converting its now commercial storefront/retail space, to a third residential unit which will bring in a higher monthly rent.

What was the outcome?

In progress!

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

Select Realty Capital!  (Hard Money Lender - Portland, ME)

[Bethany Turon]

@Michael Susi Looks like a great BRRR! Thanks for sharing and keep us updated on how it turns out 😁