Small multi-family (2-4 units) buy & hold investment.
Purchase price: $275,000
Cash invested: $10,000
3 family house located in Federal Hill section of Bristol, CT.
What made you interested in investing in this type of deal?
What made me interested in this deal was that the property is a large 3 family (3900sq ft) in a C+ location. This location of Bristol has a stong rental demand and above average rents for the area.
How did you find this deal and how did you negotiate it?
I found this deal with a agent on the MLS.
How did you finance this deal?
I financed this deal with a FHA loan.
How did you add value to the deal?
I sub metered the water and was able to increase rents by 200$ per month.
What was the outcome?
3.5 years later the house is cash flowing great.
Lessons learned? Challenges?
Always get a sewer inspection. I ended up having to replace the main sewer line due to the house not having a readily accessible sewer clean out to the street. Tenants flushed baby wipes that got caught in in roots and caused a back up in the house.
Good first deal @Patrick Sheridan . It is always good when you land a good first deal and learn a lot in the process. Where do you want to go from here investing wise?
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