3 Family BRRRR Deal Fitchburg MA

[Todor Ialamov]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $191,000
Cash invested: $82,000

3 Family - 3/1, 3/1 and 1/1. Bought for $191,000, putting $82,000 towards renovations. Total project cost $273,000. ARV is $375,000 so we'll be taking almost all of the cash invested after refinancing.

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

BRRRR deals are what I am mostly looking for.

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

Was on MLS for a few months.

How did you finance this deal?

Private money

How did you add value to the deal?

Kept one of the three tenants. Renovated his apartment and raise rent from $500 to $925. Did cash for keys on the top floor unit, renovated the apartment, created additional 4th bedroom and raised rent from $900 to $1,475. In a process of evicting second floor tenants.

What was the outcome?

After completing the project, estimated pure cash flow will be $915 a month and close to $100,000 in equity.

Lessons learned? Challenges?

CASH FOR KEYS is one of the best tools in land lording!