3 One bedroom apartments, one efficiency

[Chris Good]

Investment Info:

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

Purchase price: $111,000
Cash invested: $40,000

4 One Bedroom apartments

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

Next to another property I owned. Value add

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

I purchased this property from the same seller that I bought 269 Chestnut St from.

How did you finance this deal?

I got a 60K hard money loan and the seller left 55K in as a second position loan interest free in return for an 8 year rent free lease in one of the apartments.

How did you add value to the deal?

Added 3 mini split systems, updated the efficiency, added water meters for each apartment, painted the exterior.

What was the outcome?

I was able to refinance all my money out and the seller left his financing in place.