20 Milton Street, Worcester MA

[Brian J Allen]

Investment Info:

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

Purchase price: $294,000
Sale price: $380,000

I bought this to hold, but my tenants never paid and complained all the time. I collected $700 total from my 2 tenants in 21 months of ownership. All the rents that i collected were from State and Federal COVID programs. I didn't want to evict so I sold with tenants in place. Property was worth $410k and I sold for $380k so I didn't have to deal with the tenants. Was upfront with the buyers that the tenants were not paying. Hopefully they will have more success.

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

It was going to be a buy and hold

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

Glad to get rid of it!!!!

How did you finance this deal?

conventional financing

How did you add value to the deal?

I bought at a value price and raised rents over time

What was the outcome?

SOLD and Glad it is gone

Lessons learned? Challenges?

Tenants are the most important part of the transaction.

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

WorcesterMulti.com