Small multi-family (2-4 units) buy & hold investment in Fitchburg.
Purchase price: $180,000
Cash invested: $5,000
Sale price: $245,000
108 Daniels was originally intended to be a buy and hold, however we were made an offer we could't refuse by an investor in an adjacent house. During the hold period, we were netting around $900/month with minimal income, and we sold the property for a roughly $60,000 profit on top of that.
What made you interested in investing in this type of deal?
Great condition, larger 1st floor storage.
How did you find this deal and how did you negotiate it?
This was a word of mouth off market sale
How did you finance this deal?
Wells Fargo investment mortgage
How did you add value to the deal?
Very small repairs, we profited basically just because there was a rapid increase in the market.
What was the outcome?
$60K profit + 2 years of rental income averaging $900/month
Lessons learned? Challenges?
Sometimes you just get lucky
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Your profile says you're in the SF Bay area, was this deal in Fitchburg Mass? If so that's quite the remote deal
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