Multi Family Complete Rehab
Investment Info:
Small multi-family (2-4 units) commercial investment investment in North Attleboro.
Purchase price: $289,000
Cash invested: $72,250
Bought this 3 family home, rehabbed all 3 units, refinanced and now looking for my next project. Keeping this baby as it cashflows really good...
What made you interested in investing in this type of deal?
3 units in one place sounded very good to me at that time...
How did you find this deal and how did you negotiate it?
My employee told me that her rental was getting sold and she was looking for a new home.. She put me together with an owner and i paid her a referral bonus..
How did you finance this deal?
Commercial Loan via local bank, I had to put down 25%
How did you add value to the deal?
One apartment was completely gutted, other two needed flooring, paint, new kitchens, some updates in bathroom. Brought gas line and split all utilities
What was the outcome?
I was able to refinance and pull my 25% down payment
Lessons learned? Challenges?
Budget rehab and stick to it
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Eastern Bank is great
