Single-family residence buy & hold investment in Biddeford.
Purchase price: $190,000
Cash invested: $31,000
bought it for 2 years doing a buy and hold or a brrrr but we will be renting each room out to college students.
What made you interested in investing in this type of deal?
It was a last resort moved from Wyoming to Maine and was desperate.
How did you find this deal and how did you negotiate it?
Through a realtor and didn't negotiate it.
How did you finance this deal?
FHA, Cash down
What was the outcome?
Still working on it.
Lessons learned? Challenges?
Will come back to this since the list is growing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Harrison Smith hands down best Realtor/Broker will work hard on your behalf.
Congrats on the first deal! It does get better/easier. We are in central/midcoast Maine. We bought a single family home to live in and convert the second floor into an apartment as a buy and hold rental, doing most of the work ourselves and paying for it out of pocket as we went. We thought we'd have it done and rented in a year, but life circumstances (a new baby and a new demanding job) slowed us down considerably. It seemed like it was never going to be done, and I often wondered if it was worth it, but five years later, we got the upstairs rented to a great tenant! That first rent payment felt like magic! That was a year ago, we now have the first floor rented and that property has great cashflow. We are now doing a live-in reno on our second duplex, and closing on another duplex and a 6-unit in the next couple of months. It has been super helpful to connect with other investors in Maine and find a good team (commercial lender, CPA, realtor, etc). Also, it made a big difference to listen to Bigger Pockets and other REI/FIRE podcasts during what felt like endless renovations to keep us motivated! Hang in there!
@Jon Mccarthy How much is the rent ? Also why invest more then 200k on your 1st prop. ? There are other markets where you can invest 55- 70k and get 1kish in rents, ,much less stress.
@Jon Mccarthy Thanks! Hope to catch up soon and see what you have done to the place.
@Eileen McCue Thank you, I am excited about the changes to come with it and where its going to take me. I understand all about the life circumstances we have hit some rough patches our selves that slowed us way down almost to a stop. I love the podcast they really get me motivated. Thanks for the inspiration.
@Bob Prisco We did this property because we wanted to move to Maine, and at the time this was a great place to start it's not so bad just as Brandon Turner has said and everyone else, its easy for beginners to feel overwhelmed but I am only doing one step at a time and I am ignoring all the other issues but at the same time taking notes and research so I am not shocked when it comes time to fix something else.
@Harrison Smith I can not wait to get together again. Another night for a meet-up with @Tyler Bushey would be fun. When I am done with this place my goal is by May of next year we should do a walk through.
Sign me up for a meeting anytime!
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