Las Piedras Multi Family 10,000 sq foot buidling.

[Sergio Baerga]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Princeton.

Purchase price: $204,000
Cash invested: $327,000

10,000 sq foot property on 1 acre of land. 8 Unit property with 1 rented out at time of purchase. I remodeled the 4 that were in decent condition and the other 4 I finished building. Currently 8 units rented out at different rates.
$6,100 gross rent. Cash flow around $5,300

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

Lack of deals available during pandemic

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

father had kids living in the property and he wanted to retire and cash out.

How did you finance this deal?

Cash

How did you add value to the deal?

Remodeling the whole thing, new bathrooms, roof, etc.

What was the outcome?

A solid nice property in optimal conditions.

Lessons learned? Challenges?

Dealing with locals in large construction.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Joel Diaz my real estate agent, he doesn't speak english very well. But he is an investor which experience in construction and many real estate deals on the island.