My first deal! 3 Family in New Britain CT.

[Oscar Rodriguez]

Investment Info:

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

Purchase price: $103,000

My first deal! 3 family in need of some rehab. Exterior in good shape, interior needs updating. I close March 7 and am looking at 6 months for the rehab and then place it for rent. If I get done sooner, then great.

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

I have been watching the market here for some time. I am an OOS investor but I have immediate family that live in the area. The potential for a solid BRRRR was too good to pass up. I am looking to buy and hold this and generate decent cash flow overtime.

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

I watch properties on multiple different sites. This one was a foreclosure. I visited the property multiple times at different times of the day to the learn the area. I had my agent, Scott Hollister, contact the listing agent and went from there. I put together a rough estimate of my rehab costs using the book on estimating from BP. My first offer was countered, and I countered once and they took the offer!

How did you finance this deal?

I am paying cash. But I will refinance it after I rehab and put renters in. If the ARV is good as some of the neighboring properties I will get my cash back.

What was the outcome?

In escrow now.

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

Scott Hollister is an agent from the greater Hartford area that really understands the investor market. I found him on BP and met with him. He is true pro at this and highly recommend him for anyone, regardless if the property is an investment or owner occupied property.

[Ryan Deasy]

@Oscar Rodriguez good for you! congrats. That is very exciting. @Scott Hollister is awesome. He brings a ton of knowledge and value. You definitely made a great choice in working with him.

I lived in New Britain for about 11 years and am now an OOS investor there like yourself. It comes with its challenges, but, to be honest, it has been a blessing. I have been forced to set up systems and make great contacts. Please let me know if you ever need anything. I have great contacts from property managers (part time or full time), to contractors and everything else in between. Also, if you are interested in the rent-by-the-room strategy, let me know! Best of luck.