Moffett St Properties

Between December of 2018 and June of 2019, I purchased six investment properties in Watertown NY, outside of Fort Drum Army Base.  Why Watertown NY?  When we first PCS’d to Hawaii, we were sitting at the picnic table across from our house in base housing.  We were talking to our neighbors and I mentioned that I invest in real estate.  One of our neighbors, the Growers, mentioned that they too were property owners and landlords.  Bonnie’s father had purchased six properties in the 80s in Watertown, 20 years later, sold three of them to Bonnie and Jason, and continued to rent out the other three.  They are four single family home and two duplexes.  They are all on the same street accept for  the Hungerford duplex which is on the corner of the cross street.  I told them if they ever decided to sell, and were willing to do so without realtors, to call me first.

Fast forward to September of 2018, Bonnie and Jason decided they were ready to sell.  After talking with them I found out they were ready to sell their three single family homes, but Bonnie’s dad wasn’t ready yet.  They wanted 90K per house and I was willing to pay 85K per house.  The important part of the deal for me was the opportunity to buy the two duplexes.  All four of those units were being rented for just below what each single family home was being rented for.  I negotiated with the Growers to purchase their three singles for $87K each, if they convinced her dad to sell me the other single for the same price and the two duplexes for 140K with seller financing.  They did just that.  We closed on the three single family in December 2018.  In May, Rodger decided he was ready to sell and we closed the other three properties, to include the two duplexes which were really the only two I really wanted.  I negotiated seller financing with 25% down and a 5.5 interest rate amortized over 30 years with a five year balloon.

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