Investment Info:

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

Purchase price: $286,000
Cash invested: $57,200

First investment property and house hack! 3 - family located in New Britain, CT. Purchased with two tenants in place and a vacant third floor unit. Not a ton of work needed but will need a roof in the next few years. Seller covered closing cost to put funds towards the roof. It's the beginning of an incredible journey. Why don't you join me?

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

Was seeking out a 3-4 family in New Britain or Bristol, CT. Was specifically looking for a property to house hack. House hacking will allow for expanded opportunities by minimizing my personal expenses resulting in funds to put into real estate.

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

MLS, not much of a negotiation due to hot market conditions. Seller paid for closing cost due to age of roof. Originally I turned down this accepted offer for a potential BRRRR property in Bristol, CT which did not work out. My agent jumped on the phone and found out they were having some issues with their potential buyer for this property and accepted our original offer again. Phew, I got lucky there!

How did you finance this deal?

Conventional with 20% down, owner occupied.

How did you add value to the deal?

Not a value add deal. Tenant rents can be bumped up some for additional income. Will be a long term buy and hold.

What was the outcome?

Very straightforward purchase. No issues on either side. Simple 30 day closing.

Lessons learned? Challenges?

There is a lot to learn and your first deal most likely won't be a home run (would be nice though!). The sooner you accept that, the sooner things will happen. Taking action is really the most important step in REI followed by persistence. It took lots of offers and a gagillion (new word) BP calculators before I landed this property. While this may not be my best income producing property in the future, it will ultimately be my best deal as it will be a catalyst for bigger things!

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

Buyer's Agent: Michelle Lorenzetti of Investors Connection CT
Insurance Agent: Justin Sloan of BSP Insurance
Lender: Gary Root of First Choice Mortgage Services, LLC
Attorney: Joette Trinh of Keily Mira Law