Closed 3rd multifamily deal in Connecticut
I’m excited to share the closing on our 3rd multifamily deal. When I say “our” I’m referring to my company and the team I have been able to build over the last 12 months. I still consider myself a newbie and with much more to learn along the way. However, my business background and sales experience have taught me to strategize towards the business we aspire to become in the future.
We acquired an REO Triplex in Meriden, Connecticut. The neighborhood is what some would consider and B- or C+ neighborhood. After negotiating the price, we purchased the property for $92,500. The rehab budget including a 20% reserve is $25,000.00. We got a conventional loan at 4.75% including the rehab loan with 25% down. The property taxes are $3,727, and insurance is $1,854. We started the renovation 2 weeks ago and expect to have the apartments ready for rent within 30 days.
Our analysis on the property forecasts a 28.9% Cash on Cash ROI and an annual cash flow of $11,274.00. I look forward to sharing more success stories about this property, and some others we are looking at in our pipeline.