All Forum Posts by: Andy Verge
Andy Verge has started 18 posts and replied 47 times.
Post: Our third investment
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $125,000
Cash invested: $26,000
This was a 3 unit all renovated.
What made you interested in investing in this type of deal?
When we looked at it it was in great shape and really good cash flow.
How did you find this deal and how did you negotiate it?
On the MLS
How did you finance this deal?
Bank
How did you add value to the deal?
There was no value add but the cash flow was there,
What was the outcome?
Still holding.
Lessons learned? Challenges?
This one was one of the easy ones we will take that as a win.
Post: Goff St 3 Unit in Auburn, Maine
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Nice, I'm in Auburn and that's a good find. Congrats!!!
Post: Heating Oil Prices are Outrageous.
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Anything that has to be replaced we will definitely be converting over. Max these are multi units with one furnace.
Post: June Meetup - Lewiston / Auburn Central Maine / Androscoggin
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Will definitely try to make it. Thanks for putting this on.
Post: Heating Oil Prices are Outrageous.
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Quote from @Matt M.:
Heating oil here in Pa was $2.15 Feb 2021. Was $6.49 last week.
I have oil at my house and 2 rentals but I don’t pay their heat.
The price jump is so big it ruins the noi.
Post: Heating Oil Prices are Outrageous.
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Quote from @Nicole Heasley Beitenman:
Do your tenants not pay utilities?
Post: Heating Oil Prices are Outrageous.
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
What is everyone doing about heating oil prices that have tripled? That really cuts into the NOI.
Post: This was our first Investment
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Rumford.
Purchase price: $36,000
Cash invested: $30,000
This was our first duplex, and great education. This was a BRRRR and we got all our money back out of it.
What made you interested in investing in this type of deal?
Bigger Pockets
How did you find this deal and how did you negotiate it?
Mls. Negotiated through a building inspection.
How did you finance this deal?
Bank
How did you add value to the deal?
updated all the electric and new paint.
What was the outcome?
$700 profit and by using the BRRRR process no money left in.
Post: March Meetup - Lewiston / Auburn Central Maine / Androscoggin
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Would love to go but we have St Patrick day plans.
Post: Capital gain tax inquiry
- Rental Property Investor
- Auburn
- Posts 48
- Votes 17
Looking for information regarding Maine's capital gain tax. Can't seem to find anything definite about the actual percentage. Our accountant says one thing and I am finding something different. They are telling us that it would be best if we hold the property for one year before we resell it. We do not live on the property. Any advice would be appreciated. Not looking to do a 10/31 exchange.