All Forum Posts by: Mitch Hartford

Tyler, 

I am definitely interested. I’d love to hear more details. [email protected] is my email or text 603-833-1552. 
thank you, 

Mitch

Hello all, 

I know the market is a little weird right now but if anyone has a cash flowing multi family within the triangle of Nashua NH, Concord NH and the seacoast please let me know. Assumable, owner finance and anything creative is a bonus but we can do traditional as well. Traditional financing will put us in the million dollar range, beyond that, the creativity will dictate! 
Manchester and smaller cities and towns  between are ok too. 

Thank you, 

Mitch

Investment Info:

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

Purchase price: $206,000
Cash invested: $90,000

3 family value add. Needed a ton of work, lots of sweat equity realized.

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

Passive income

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

Off market through a relationship with realtor.

How did you finance this deal?

20% down, commercial loan

How did you add value to the deal?

Remodel two units, cleaned up the outside.

What was the outcome?

Great cashflow, great equity.

Lessons learned? Challenges?

Should have remodeled two units simultaneously instead of one at a time.

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

Tim Fontneau Realtor
Partners Bank

I’m in Rochester, willing to chat anytime. I have a hand full of buy and holds and i’ve done some live in flips. 

Investment Info:

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

Purchase price: $206,000
Cash invested: $90,000

3 family value add. Needed a ton of work, lots of sweat equity realized.

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

My construction background could see the potential in this under managed, under maintained building.

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

My agent found it. I was the first to see it and put in a full price offer with only 1 contingency, bank financing.

How did you finance this deal?

20% down, 80% commercial mortgage
I got the 20% from a previous BRRRR deal.

How did you add value to the deal?

Updated all finishes in 2 of 3 units. Reworked the backyard to add parking and painted the exterior wood.

What was the outcome?

$200k equity
$2000 monthly income.

Lessons learned? Challenges?

There were two vacant units when I bought it, we remodeled one at a time. We should have attacked both units simultaneously with more people.

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

Tim Fontneau Realtor

Welcome! Hope you find the connections you seek! 

Depends on what he and his family find important. I think he will find more Spanish speaking people in the cities and closer to the Massachusetts border. There are a lot of Spanish speakers close to Lowell and Lawrence Massachusetts. If that’s important, maybe Nashua. If quality of public schools are important he could easily google that. Again, what’s important to him? Everything has a tradeoff. 

Welcome! It all starts with a dream. Working backwards from there should tell you how many doors or how much income you need. Personally, I don't have a “doors” goal. My goals are based on income. 

Investment Info:

Industrial buy & hold investment in Rochester.

Purchase price: $215,000
Cash invested: $100,000

Value add mixed use Commercial/Residential. This has been a great performer. There is a single family home on the same .86 acre lot as a commercial garage. We purchased this home with owner financing, 5 year balloon. The house was a live in remodel that is 98% done and the garage has had the same tenant for ten years.

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

I had little cash when we purchased but had plenty of time to do the remodel myself. I was coming off a bankruptcy from bad real estate decisions a few years earlier and really wanted to improve my net worth somehow.

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

Friend of a friend. 4 brothers inherited this property and didn’t want it. It was overpriced and run down. The owner finance without interest helped ease that.

How did you finance this deal?

Owner finance deal. $3000 down, $1000 a month for 5 years, all straight to the principle. Then we refinanced to a commercial loan.

How did you add value to the deal?

Garage needed a bathroom, septic system and general repair. It got new siding as well. The house got everything new but a foundation and framing.

What was the outcome?

Sitting pretty on some equity and income.

Lessons learned? Challenges?

Some people will give great finance terms.

Please help! I've tried to edit my profile several times and it seems to go ok until I hit the "save" button and then nothing changes. So, more specifically, I've tried to add my most recent deal multiple times more than a week apart and it didn't work. Also, I tried to update the numbers and progress of my past deals with the same result.

Please help!