#347: The First Deal That Made $150K (And Nearly Broke Me First) with Matt Lefebvre

Axel Ragnarsson sits down with Matt Lefebvre once again for a deep-dive follow-up episode dissecting the deal that actually launched his portfolio — a same-day, two-building purchase in Concord, NH that looked like a home run on paper and nearly took him down before it made him money.This episode is essential listening for any investor about to do their first (or next) value-add deal who wants an honest look at what happens when a "great price" deal collides with hard money debt, an insurance claim gone long, and a global pandemic — and why simplicity, not upside, should define a first deal.Join us as we dive into:How Matt bought a 2-unit and a 4-unit in Concord, NH — a mile apart, from the same seller, on the same day for a combined $365,000, sourced through a residential agent who didn't know how to value or sell a small commercial multifamily deal herself.A 90% loan-to-cost hard money loan at 12% interest-only, two points due on exit, with only a six-month term and why that short runway became the central risk in the entire deal.How things went sideways in a mid-renovation plumbing failure that flooded the first floor, triggered an insurance claim, an asbestos test, and a three-month hold where Matt couldn't touch his own building — burning through his six-month loan term and pushing him into default-rate interest at 16% plus two points.The gut-punch moment: a boiler fire in the four-unit two days before the refinance appraisal, killing any chance of refinancing above purchase price after $60,000 in renovations, forcing a sale of the building in the exact month COVID lockdowns began.Why more moving parts in an exit strategy means more chances for something to go wrong, and why a first deal should be boring — buy the building with the good roof, good systems, and straightforward turns, and save the "hairy" deals for once you have the experience (and cash reserves) to absorb the unexpected.Connect with Matt Lefebvre:Website: downtownrealtynh.com(All contact info, social media links, and team information available on the website)Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners