Buy & Hold 6 unit MF
Investment Info:
Large multi-family (5+ units) buy & hold investment in Leominster.
Purchase price: $515,000
Cash invested: $138,263
This is a 6 unit MF with all one bedroom apartments we bought and looking to add value by exterior cosmetic updates, increase monthly rents towards market rates, and renovate the remaining 4 units yet to be updated during turnovers. Will work on decreasing overall expenses by addressing repairs and maintenance while stabilizing the property in the first few months.
What made you interested in investing in this type of deal?
Wanted to start acquiring small commercial multifamily properties.
How did you find this deal and how did you negotiate it?
This property was on the MLS and we offered 15k over asking.
How did you finance this deal?
Commercial loan with a local credit union JDCU.
Lessons learned? Challenges?
Flood insurance is costly and can eat up some of our returns.
