All Forum Posts by: James Horner

Hey! I recently moved to Dover NH for a few reasons, but hugely because of the real-estate market. I just recently finished turning two older buildings into two cash flowing duplexes over in Vermont. I am self employed living off of my rental property income. I have flipped a few homes as well as created a few cash flowing rental properties for myself. I live very frugally allowing me to have a very flexible schedule. I have a lot of tools, trucks and no debt. I am still newer to real-estate so my cash for breaking into this market not extremely high. I am looking to make some connections in this area whether you are a cash investor or looking to be more involved than that in the next deal. I am open to any and all ideas. Don't hesitate to reach out to me. Thanks for you input 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $38,000
Cash invested: $142,000

I purchased both buildings for $38,000.00 then proceeded to put $142,000.00 into both properties. The back building I put $60,00.00 into it making it into a duplex that both units are rented out for $1,600.00 and $1,500.00. The front building I put $82,000.00 into it creating another duplex that rents out for $1,800.00 and $1,700.00. I now have a $200,000.00 dollar mortgage. My monthly expenses are $2150.00 a month leaving me with a monthly cash flow of $4,450.00.

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

All of my properties have multiple sources of income on them. This property seemed very appealing to me, because I knew I could handle all of the work that had to be done to the property as well as I knew I could get the funding for it and make it cash flow.

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

The house was for sale on the MLS. They were the roughest two buildings on the block.

How did you finance this deal?

I took a loan from a family friend of $50,000.00 for the initial purchase. I used my line of credit from another property i own and my dad used his money on the deal as well.

How did you add value to the deal?

I added value to the deal by knowing what the rent in the area went for as well as through my sweat equity. I also added value by being very flexible in my schedule to be able to take on this project.

What was the outcome?

The outcome was great cash flow as well as a lot of equity in the property.

Lessons learned? Challenges?

Manny lessons learned on this project, but I think a big one for me was the importance of not having too many bills that clog up your time with stress and lost time.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $38,000
Cash invested: $142,000

purchased both buildings for $38,000.00 then proceeded to put $142,000.00 into both properties. I made both of them into two cash flowing properties over the cores of the year. The back building I put $60,00.00 into it making it into a duplex that both units are rented out for $1,600.00 and $1,500.00. The front building I put $82,000.00 into it creating another duplex that rents out for $1,800.00 and $1,700.00. I now have a $200,000.00 dollar mortgage. My monthly expenses are $2150.00 a month leaving me with a monthly cash flow of $4,450.00.
This was a great project. It tool a good bit of time to put it all together, but well worth the wait.

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

All of my properties have multiple sources of income on them. This property seemed very appealing to me, because I knew I could handle all of the work that had to be done to the property as well as I knew I could get the funding for it and make it cash flow.

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

The house was for sale on the MLS. It was the roughest two buildings on the block.

How did you finance this deal?

I took a loan from a family friend of $50,000.00 for the initial purchase. I used my line of credit from another property i own and my dad used his money on the deal as well.

How did you add value to the deal?

I added value to the deal by knowing what the rent in the area went for as well as through my sweat equity. I also added value by being very flexible in my schedule to be able to take on this project.

What was the outcome?

The outcome was great cash flow as well as a lot of equity in the property.

Lessons learned? Challenges?

Manny lessons learned on this project, but I think a big one for me was the importance of not having too many bills that clog up your time with stress and lost time.

@Chris Green

I just moved to Rollinsford NH and have been keeping my eyes out for a potential new project or ideas. I’ve remodeled a dozen homes and own 6 multifamily properties. I am new to this area and am looking to get something going here. Remodeling homes for rental properties is my full time gig. I would love to meet up if you were interested. Looking to make connections in the area. I sent you a connect request so if you want to message me we can work something out.

Thanks!

-James