All Forum Posts by: Axel Ragnarsson

Ryan,

I know we've connected but would like to drop my name in this thread. Look forward to doing business at some point!

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $362,000
Cash invested: $15,000

This was my first commercial (6 unit) multifamily deal. When acquired, the property was mismanaged, there were tenant issues, deferred maintenance, and was rented at below-market rates. After we bought it, we renovated multiple units, brought rents to market, and upon refinance, pulled out almost all of our invested capital (minus $15,000). We plan to hold this for the long term.

What made you interested in investing in this type of deal?

My main goal will always be to build a portfolio of long-term buy and hold investments and to acquire properties with as minimal cash invested as possible. This property fit that description very well.

How did you find this deal and how did you negotiate it?

It was an off-market deal, marketed by a broker.

How did you finance this deal?

Private money, with the goal of refinancing within six months.

How did you add value to the deal?

Raised rents, cured some different maintenance, installed professional management.

Hey @Ezra Hodgson , congrats on getting your license - working part-time as an agent when I got started certainly helped me learn the real estate business, my market, and helped me get comfortable with the real estate "process" by the time I was ready to do my first deal. What part of NH are you in? I'm pretty active in southern NH and the seacoast area, on both the flipping and buy and hold side. As most people suggest, I would look into a house hack using an FHA (or a conventional, low money down loan.. many lenders off these programs that aren't FHA but still allow you to only put 5%-10% down). It doesn't have to be a multi with a low pricepoint either, you can certainly house hack a nicer duplex/small multi and experience the benefits of investing without sacrificing your quality of life. Let me know if I can help at any point!

@Timothy Joseph ORegan Hey Tim, I’m an active investor in Southern NH and the Manchester area and would love to connect. PM me with your info, I may have some projects coming up over the next couple of months

Hey Charlie,

I live in Portsmouth, am 23, and graduated from UNH last year. I started buying property in Manchester towards the end of college but did so utilizing mostly private lending as I certainly didn't qualify for traditional financing. With that being said, if you and your friend/partner can qualify for FHA financing and are content with living in the seacoast for at least a year after graduation, it is a great way to get started. As for the market timing, it all depends on what you want to do with the property. Yes, prices are high, but I am personally still buying as I know I'll be holding on to them for 15-20+ years and that in that timeframe, I'll see some appreciation. If you are looking to sell in 5-10, then you may want to be more careful. You should have an honest discussion with yourself and your partner about your long-term goals and then decide how you want to proceed.

Hi all,

I recently purchased a duplex in Dover, NH that I'll be rehabbing and am looking a reputable contractor to help me with the work. Does anyone have any referrals? The scope of work includes new kitchens, new baths, flooring, paint, and repairing water damage/burst pipes. 

Thanks, everyone!

-Axel

PM me, I have a great insurance agent that can certainly help you!

Hi @Sean Brennan , I'm an active investor in both the Manchester area and the Seacoast (Newmarket, Dover, Somersworth, Portsmouth). I'd love to connect with you - certainly let me know if your direct mail turns up any leads, I'm always looking for deals!

Hi Cameron,

I own some multis in Manchester, PM me and I can give you a couple of good recommendations.

-Axel

Congrats on the listing brother! Matt Lefebvre