3 One bedroom apartments, one efficiency
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Pottstown.
Purchase price: $111,000
Cash invested: $40,000
4 One Bedroom apartments
What made you interested in investing in this type of deal?
Next to another property I owned. Value add
How did you find this deal and how did you negotiate it?
I purchased this property from the same seller that I bought 269 Chestnut St from.
How did you finance this deal?
I got a 60K hard money loan and the seller left 55K in as a second position loan interest free in return for an 8 year rent free lease in one of the apartments.
How did you add value to the deal?
Added 3 mini split systems, updated the efficiency, added water meters for each apartment, painted the exterior.
What was the outcome?
I was able to refinance all my money out and the seller left his financing in place.
- Chris Good