First Investment Property

[Dan Breen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $740,000

Built in 1929, Multi-Family, 2 bedroom 1 bath on first floor, 3 bed 1 bath on second floor. Residential area of Boston, 9 miles from downtown Boston. Off street parking and backyard.

What made you interested in investing in this type of deal?

I wanted to get into real estate and this was a deal I had been waiting for.

How did you find this deal and how did you negotiate it?

My aunt worked with one of the owners for years in the Boston school system. We did it without a realtor, they still live on the property paying rent while I also rent out the second unit.

How did you finance this deal?

I was approved for 630k, was able to borrow 112k from my parents' equity line of credit for the down payment.

How did you add value to the deal?

Painted inside, fixed up the bathroom in the second unit, put up new lighting and added ceiling fans/lights. Replacing the old windows with New triple pane windows, converting the oil heat system to electric. adding some mini-splits with heat/Ac capability. Added a laundry section in basement for second unit. Landscapers cleaned up the front yard. cleaned up the back yard.

What was the outcome?

currently rented out and cash flowing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes

[Lien Vuong]

Congrats on your purchase and a private sale at that!