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!