In this debut episode of the podcast's new deal breakdown segment, Axel sits down with Sean LeBlanc of Mammoth Properties to dissect one of the most compelling deals they've done together — a 23-unit, three-property portfolio in New Hampshire that returned nearly all investor capital within 14 months, while still leaving two cash-flowing buildings on the books with solid long-term debt.

Sean walks through the full lifecycle of the deal: how it was sourced off-market through a residential agent, how the joint venture was structured, the rough value-add conditions they inherited, what went better than expected (rents in Manchester), what went worse (the Farmington property), and how the decision to sell one building early unlocked a home run outcome for all investors involved.

This episode is a masterclass in deal flexibility, portfolio loan structuring, and why scattered-site portfolios remain one of the last great opportunities to buy at a real discount in today's market.

Join us as we dive into:

How a 23-unit, three-property portfolio in New Hampshire was sourced entirely off-market through a residential agent relationship
How Axel and Sean structured a simple joint venture to take down a deal that was at the ceiling of Sean's deal size at the time
The value-add playbook: tackle vacant units first, assess inherited tenants for reliability, renovate quickly, and phase in rent increases
How the Manchester properties outperformed projected rents — underwriting 3-beds at $1,800, achieving $2,100 on fully renovated downtown units
The decision to sell the Farmington property after one year: sale price of $1,210,000, net proceeds of $505,337 — nearly recovering the full $555,000 of invested equity
How a subsequent refinance of the remaining two Manchester buildings generated an additional $242,000 in proceeds, bringing total cash returned to $748,000 on $555,000 invested
Why partial release language in a portfolio loan is the single most important thing to negotiate before you close
Why scattered-site portfolios remain one of the best places to find below-market deals — and why the big institutional buyers largely ignore them

Connect with Sean LeBlanc:

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