My first BP post! Sharing numbers on a 2-family in Revere. MA

[Matthew Soignoli]

Investment Info:

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

Purchase price: $870,000
Cash invested: $184,000

total monthly rent income approx. 7,300 and PITI approx. 5,600

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

big appreciation play with room to grow, possibility for future short-term rental space, and numbers made sense.

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

I'm a real estate agent in Massachusetts and I was looking for a small multi-family for my sister-in-law for her to house hack. This one was a out of her budget so my wife and I scooped this one up! I visited the open house all three days (Fri, Sat, & Sun), building rapport with listing agent and checking out the foot traffic (competition).

How did you finance this deal?

traditional mortgage loan for investment property w/ 20%

How did you add value to the deal?

came in around list price but left offer clean with minimal contingencies.

What was the outcome?

4 figure monthly cash flow

Lessons learned? Challenges?

don't overcomplicate things and trust the process. when you see a good deal, go for it with an offer that if turned down you'll be okay to walk away from.

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

I used myself as real estate agent, my go to lender who I've used before.