All Forum Posts by: Andrew Chapman

Hi Adam, I am one of the owners of Four Points Property Management based out of Haverhill, MA.  We have a construction arm and can help you with everything you are asking for.  I can get you pricing if you'd like or I can connect you with some of our preferred local vendors - either way.  Thanks!

Hi Sandi, I messaged you. Let's connect today. Thanks!

Good morning, my partners and I own and operate Four Points Property Management in Haverhill.  We can assist with all of those things.  Please let me know if you have some time to connect on Monday.  Thank you!

Hey @Sean Lee, I just posted the listings on the MLS. We have just received applications and deposits for both spaces so I hope to have them leased up for February 1st if all goes well!

Hey buddy!  Hope you are well!  I found this one off-market.  

Hi Kyle, finding deals is always great if you can do it. An effective mailing campaign takes some time and patience. Don't expect to send out 500 letters and have your phone ring off the hook. I would suggest trying to network with some agents/wholesalers/investors in the area and see if you can turn up something that way. Keep saving for your down payment and reserves. Have you been pre-approved yet? Let me know if I can help in anyway.

So it was originally a laundromat that the previous owner was operating. A brand new laundry moved into the neighborhood and crushed his business. He then found a small commercial company who services a lot of area businesses - restaurants, hotels, colleges, salons etc. They pick up the linens and towels, wash and fold and return them etc. So far they have been great tenants. 

Investment Info:

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

Purchase price: $285,000
Cash invested: $10,000

230 Cumberland Rd Lowell is a three family. There is a commercial laundromat with two residential units above. The commercial laundry is 2 years into a 7 year lease with automatic increases every 2 years. As for the residential, there is a one bedroom unit and a studio. We increased each units rent $50 in the second month and $50 6 months into the lease. There are no common areas, so we have no electric or gas bills, and the commercial tenant pays for the water/sewer for the entire building.

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

Cash Flow.

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

Referral and negotiated with the seller directly.

How did you finance this deal?

Raised capital for the down payment and financed the rest. We have $0 of our own money into this deal.

How did you add value to the deal?

Did some repairs to the deck and steps, cut back some tree limbs and landscaped and cleaned up the parking area. Did some repairs to the roof and some minor upgrades in the units.

What was the outcome?

Hanging on to it for now. It's a super easy property to manage and we are cash flowing $1,200 per month with $0 of our own money in the deal.

Lessons learned? Challenges?

None so far.

Investment Info:

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

Purchase price: $285,000
Cash invested: $10,000

230 Cumberland Rd Lowell is a three family. There is a commercial laundromat with two residential units above. The commercial laundry is 2 years into a 7 year lease with automatic increases every 2 years. As for the residential, there is a one bedroom unit and a studio. We increased each units rent $50 in the second month and $50 6 months into the lease. There are no common areas, so we have no electric or gas bills, and the commercial tenant pays for the water/sewer for the entire building. Expenses are super low.

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

Cash Flow.

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

Referral and negotiated with the seller directly.

How did you finance this deal?

Raised capital for the down payment and financed the rest. We have $0 of our own money into this deal.

How did you add value to the deal?

Did some repairs to the deck and steps, cut back some tree limbs and landscaped and cleaned up the parking area. Did some repairs to the roof and some minor upgrades in the units.

What was the outcome?

Hanging on to it for now. It's a super easy property to manage and we are cash flowing $1,200 per month with $0 of our own money in the deal.

Lessons learned? Challenges?

None so far.