Updated over 3 years ago on .
Another Green Hill Investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $500,000
Cash invested: $125,000
Contributors:
Andrew Freed
3 Family investment property in the Green Hill Neighborhood of Worcester. Cash flowing three family on a corner lot with great access to downtown, the Lincoln street retail hub and I-290. Steps from the 500 acre Green Hill park.
The building consists of a three bedroom / two bathroom, three bedroom / one and a half bathroom, and one bedroom one bathroom. The apartments and building are in good condition. Future plans include exploring adding parking and some non-urgent improvements to the basement and adding gutters.
Purchased in a 50/50 partnership with an LLC.
What made you interested in investing in this type of deal?
Located in my target area with reduced cap-ex profile.
How did you find this deal and how did you negotiate it?
Bought on-market. Purchased at market pricing.
How did you finance this deal?
20% down 7/1 ARM at 4.6%.
How did you add value to the deal?
Increasing rents to market through housing providers and working with the market apartment to find a mutually beneficial outcome.
What was the outcome?
Rents brought to market.
Lessons learned? Challenges?
It's nice to buy buildings that are already in good condition compared to the four fixer uppers I have purchased previously.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
DM for bank information.