9 Unit Property in Laconia NH

[Ryan Corcoran]

Investment Info:

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

Purchase price: $730,000
Cash invested: $5,000

9-unit multifamily property consisting of a 5 unit and a 4 unit building in the gentrifying town of Laconia NH along one of NH most popular and largest lakes.

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

Multi-family value add opportunity

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

MLS and able tog et it under contract within 1 hour of posting on the MLS

How did you finance this deal?

We used a commercial loan, and brought private capital for the down payment of 20%.

How did you add value to the deal?

Cosmetic rehab in each unit, turning each unit over increasing rent by $200-300 per unit. Adding coin-op washer and dryer. Increasing income, decreasing expenses = increase overall value.

What was the outcome?

Cash flowing 9 unit property purchased at $80k per unit, in a market where units are being bought at roughly 100k a unit.

Lessons learned? Challenges?

Deals are getting slim on the MLS, when a deal pops up you need to act quickly before anyone else. In this case, we happened to hop onto the opportunity before anyone else saw it, made an enticing offer and had it under contract in roughly one hour from listing time.

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

Real Estate Agent: Trish Marchetti - Berkshire Hathaway