Small multi-family (2-4 units) buy & hold investment in Manchester.
Purchase price: $331,500
Cash invested: $15,000
Side-by-side duplex in cul-de-sac neighborhood in North End of Manchester. Walking distance to one of NH's largest employers - Southern New Hampshire University.
What made you interested in investing in this type of deal?
House hacking by Brandon Turner, Scott Trench, Graham Stephan and the BP podcasts (OG, Rookie, & Money) and books.
How did you find this deal and how did you negotiate it?
MLS in a very hot market. Found it and within 1 hour of it posted, I had contacted my agent to set up a viewing. During discussion with the selling agent, she mentioned that her brother would be staying in the property and would only sell to someone who would keep them in place. With the help of my real estate attorney, we drafted a lease with rent just below market value and were able to go under contract.
How did you finance this deal?
I used a mortgage broker who helped me secure an 2.5% interest FHA loan with 3.5% down.
How did you add value to the deal?
Renovated the flooring upstairs (found beautiful hardwoods under the old carpet and sanded/poly'd), painted, updated bathroom flooring and fixtures, and currently finishing the basement to add extra livable square footage to the property.
What was the outcome?
I am currently living in the property now, using the rental income to cover most of the mortgage payment.
Lessons learned? Challenges?
I learned a lot about the entire purchase process, as this was my first ever home purchase. I've learned many skills in doing light renovations and dealing with tenants.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I used a great team of Barry Cogan (agent), Megan Pepper (mortgage), and Laura Carlier (Cronin, Bisson and Zalinsky) all located in southern New Hampshire.
@Tyler Halstead Well done man, you must have been up against some stiff competition! The side by side duplexes are selling extremely fast, especially in the Goffstown/Manchester area.
@Tyler Halstead Congrats on your first property!
@Cody Barna Thank you! Yes the seller had at least 5 other offers on the table. One lesson I learned was it’s not always just about the money - but the other goals the seller is trying to accomplish. Good to see you again man, we both were former Hooksett MB staff!
@Jeremy Wirths Thank you Jeremy. I’m new to the forums but my other post has the property analysis for when I move out and on to my next duplex!
@Tyler Halstead that’s a great point! Haha man time flies, I hope you’re doing well.
Congrats on your first purchase. Manchester is getting hot again I am seeing...
@Flavio Zanetti Thank you! And yes its crazy. Since purchasing on 10/1/21 for 331, average duplex prices in Manchester with approx. 1000-1200sf per unit are nearing 350-360! Wild numbers!
@Tyler Halstead Congrats on the property! Well done on finding a way to please the seller more than just with money! Manchester is killing it!
@Tyler Halstead great job, congratulations!
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