1 of the 5 properties I got in 2007 - Erie PA - Sean Maloney

[Sean Maloney]

Investment Info:

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

Purchase price: $36,000

This property was one of the five I purchased during my 2007 starting streak.
This is an upstairs and downstairs two unit and it also includes a lot next to it with off street parking and a large yard.

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

Was growing my business and it was an opportunity to get 2 properties - 4 units from the same owner.

This location has become very nice over the past 15 years it is walking distance to downtown and the neighborhood has been redeveloped with several new houses and other construction projects improving the area.

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

For sale by owner - This deal was a for sale by owner in the same neighborhood that I bought my first property a few months earlier.
This owner actually had two properties for sale in the same neighborhood this one on East 3rd Street and one right around the corner on Parade Street within a block of each other.

How did you finance this deal?

Local bank - only paid closing costs
This property was on a 15-year note that was combined with the other property as a commercial loan and was paid off in 2022. I now own both these properties that were tied together originally free and clear.

How did you add value to the deal?

Lots of remolding and my other typical improvements like separate water so tenants pay all utilities.

I've done many improvements including replacing the back deck the front porch a new metal roof in 2022 and a complete remodel of the upstairs unit in 2021.

What was the outcome?

Paid off and part of my portfolio

Lessons learned? Challenges?

Working on several properties in the same neighborhood is convenient

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

Local bank that I would no longer recommend