All Forum Posts by: Bethany Turon

@Ray B. Love this idea! Definitely interested.

@Vysakh Sivarajan Sending you a message!

@Brandon Hall I have heard that Camden Bank is good for refis. Haven’t checked them out myself. You may want to just get yourself a co-signer, that would make this much easier for you. Once you have some experience under your belt you can go commercial.

@Aaron Leger Lots of great options in Maine! Are you investing for cash flow? If so I have found great options in Lewiston, Auburn, Gardiner, Augusta, and Waterville. Reach out if you’d like to talk further.

@Joshua Janus Thanks! They have my notice but it will take some time to extricate myself from the company…

Investment Info:

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

Purchase price: $420,000
Cash invested: $84,000

My 2nd commercial investment, I love the townhouse style of most of these apartments. Upon closing I found 2 units vacant (of 6), and had a 3rd move out the following month. Fully stabilized I'm increasing the gross annual rent roll by $30,000. Rehab cost will be around $13k for the 3 units. Lots of fun doing this one, but also very busy!! The first tenant helped us design and complete the rehab, moving in right at the tail end, so only have WIP pics.

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

This was the last purchase needed to achieve my monthly cash flow goal!!!

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

Found on MLS. Slow and steady negotiation. A little bit of betting that the competition wasn't there for this building.

How did you finance this deal?

Commercial Mortgage through First National Bank. My 401k owns the majority of this building through a tax loophole known as ROBS.

How did you add value to the deal?

Rehabbed 3 units so far, taking the units to market rent.

What was the outcome?

I was able to give my notice to my W-2!

Lessons learned? Challenges?

Very stressful to have 3 rehabs going at once unexpectedly!

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

Tony Poulin at Meservier
Ben Sprague at First National Bank

Investment Info:

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

Purchase price: $420,000
Cash invested: $84,000

My 2nd commercial investment, I love the townhouse style of most of these apartments. Upon closing I found 2 units vacant (of 6), and had a 3rd move out the following month. Fully stabilized I'm increasing the gross annual rent roll by $30,000. Rehab cost will be around $13k for the 3 units. Lots of fun doing this one, but also very busy!! The first tenant helped us design and complete the rehab, so only have WIP pics. They were so excited to move in they moved in before the final details were finished and had us finish them in the first 2 weeks of them living there.

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

This was the last purchase needed to achieve my monthly cash flow goal!!!

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

Found on MLS. Slow and steady negotiation. A little bit of betting that the competition wasn't there for this building.

How did you finance this deal?

Commercial Mortgage through First National Bank. My 401k owns the majority of this building through a tax loophole known as ROBS.

How did you add value to the deal?

Rehabbed 3 units so far, taking the units to market rent.

What was the outcome?

I was able to give my notice to my W-2!

Lessons learned? Challenges?

Very stressful to have 3 rehabs going at once unexpectedly!

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

Tony Poulin at Meservier
Ben Sprague at First National Bank

Investment Info:

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

Purchase price: $640,000
Cash invested: $128,000

8-unit purchase. Turnkey with significantly below market rents. Only minor repairs and updates needed. Was able to increase gross annual rents by $24k within first 3 months.

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

As a cash flow investor, this was able to get me significantly closer to my monthly cash flow goal, which helped me reach the point where I could leave my W-2.

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

This was listed on the MLS. I moved quickly and waived inspection.

How did you finance this deal?

Commercial Mortgage with First National Bank

How did you add value to the deal?

Section 8 - Brought rents up to maximum, brought the other units up to market. Added 2nd set of coin-op laundry and upgrading units gradually over time.

What was the outcome?

Solid cash flowing low maintenance building.

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

Ben Sprague at First National Bank

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $26,000
Sale price: $165,500

This was my first flip. Purchased as a Short Sale and was able to net a $39k profit. It was trashed and reeked of cigarette smoke. We did almost all the work ourselves and were able to complete the rehab portion in 6 weeks.

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

Hybrid BRRRR works best for us, SFH appreciate better than MFH, so the idea was to use the profits as seed money to purchase B&H MFH.

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

This was off MLS and I submitted a cash offer waiving inspections.

How did you finance this deal?

I used cash and did an interest only mortgage after we closed.

How did you add value to the deal?

Full rehab

What was the outcome?

We had 14 offers in 2 days, all at or above asking. We went with the one who was able to waive inspection and go conventional. Appraisal came in $1,500 under contract sales price. $39k profits were solid!

Lessons learned? Challenges?

This was the first time doing LVP and I ordered off Wayfair. We went with glue-down flooring which probably took at least 4 times as long as click-lock.

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

Tony Poulin at Meservier was the agent who negotiated this and helped with determining what to choose in the rehab design.

@Gavin Odell Maine has some super great areas to invest in! Lower cost and great cash flow. Good blue collar workforce with plenty of solid rental demand. Lewiston Auburn Augusta Gardiner Waterville Sanford I all know are solid. Deals can be found in Biddeford and I know there is a good amount of investment in Bangor / Old Town area but don’t know that area as well myself. Let me know if you’d like to chat further!