My first real estate deal at 22 Years Old
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Nara Visa.
Purchase price: $375,000
Cash invested: $12,000
3 Units each 2 bedroom 1 bathroom roughly 1,200 SF. Sitting on the Kennebec River w/ 120 feet of river front. With an attached barn for potential to expand
What made you interested in investing in this type of deal?
I was 22 and was looking for any place I could get into. Which in hindsight, this wasn't the best idea
How did you find this deal and how did you negotiate it?
I found the property on Zillow and offered asking price. I ended up getting it 10,000 over asking
How did you finance this deal?
FHA Loan & took a class with Avesta Housing which gave me $10,000.00 towards closing costs & downpayment. Left me with around $12,000.00 out of pocket
How did you add value to the deal?
N/A
Lessons learned? Challenges?
Check the MEPs in depth before closing. I had a lot of issues with the bathrooms & kitchen sinks. The former owner left quite a mess behind him
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I used Geoffrey Crain which would 100% recommend for anyone looking to buy in Maine!