My first four family

[Eric Girard]

Investment Info:

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

Purchase price: $529,000
Cash invested: $7,000

1031 exchange. Started out cash flow was around $1,000 by January 2024 cash flow will average $1800 per month.

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

I saw the upside to 4 units vs 3 units. Less risk.

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

On MLS, basically a for sale by owner, the seller being a real estate agent. Very few photos but I knew it was built in 1991.

How did you finance this deal?

Conventional 25% down via a 1031 exchange sale.

How did you add value to the deal?

So far I have replaced 3 windows, 4 faucets, and the washer and dryer.

What was the outcome?

Excellent so far.

Lessons learned? Challenges?

The 1031 exchange puts pressure on you to buy quickly. I wish I could have breathed and waited.

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

Yes I did. I have a great lender, home inspector, and insurance person.