Updated over 3 years ago on . Most recent reply
Second Property Purchased before 6-month goal
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $458,898
Cash invested: $114,000
Three Family with 7 bedrooms with large off-street parking, high ceilings. Property is close to shopping, parks and recreation. Updated 2nd floor unit after purchase.
What made you interested in investing in this type of deal?
Great price for multi-unit.
How did you find this deal and how did you negotiate it?
Found deal through Agents' daily emails. Immediately made an offer when it was back on market due to offers being accepted while considering purchasing.
How did you finance this deal?
Personal loans for down payment and commercial loan.
How did you add value to the deal?
Renovated unit 2 immediately after purchase.
What was the outcome?
Was able to increase rent by 48% for that unit. Unit 3 by 15% when tenant moved out months later.
Lessons learned? Challenges?
When you're interested in a property, make a move on it before someone else does.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Eastern Bank of MA- Adrianna Moschella
RE/MAX Destiny- Clayton Weston
