Small multi-family (2-4 units) buy & hold investment in Torrington.
Purchase price: $190,000
Cash invested: $7,000
My spouse was able to acquire a 2 unit in Torrington CT. I was able to represent her as a Realtor and have her walk into the house with some equity and no closing cost fees!
PITI = $1300
First unit is paying $900 (a little undermarket)
Second unit occupied
Two car garage rented for $400
Living for free!!!!
What made you interested in investing in this type of deal?
Low downpayment option.
How did you find this deal and how did you negotiate it?
I was able to access my MLS and negotiate sellers credit and inspection to my advantage.
How did you finance this deal?
How did you add value to the deal?
Finding out the garage can bring in extra income by renting it out to someone else for storage.
What was the outcome?
Live for free and cashflow $1200 (not including vacancies, repairs, cap ex) when move out
Lessons learned? Challenges?
Sometimes you have to be creative when analyzing properties for cashflow. For example, renting out the garage to someone else to have mortgage fully covered.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I'm a realtor!!!
@Pedro Echevarria wow, nice!
Way to go! Lucky to be able to buy using FHA. I have a couple buyers right now who are getting their butt kicked trying to use FHA. How many days was this deal on the market?
Congrats man! House Hacking a great way to get into these properties with that low DP. Great to see you investing in Torrington, been living here my whole life and glad to see people starting to invest around this area. Best of luck!
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