Multi-Family Opportunities in New England

[Patrick Murphy]

Investment Info:

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

Purchase price: $200,000
Cash invested: $40,000

3 family, minor cosmetic work needed, existing tenants. This will be my first deal, will be looking to do more smaller multi-families (2-3 unit)

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

I have been on the other side of these transactions for a lot of years. I saw a lot of people build up their passive investments, I want to be a part of this.

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

Broker, in process of negotiating now.

How did you finance this deal?

Couple partners, will be doing conventional financing.

How did you add value to the deal?

Smaller cosmetic upgrades, paint. Looking at reducing some the utility costs

What was the outcome?

Waiting to hear

Lessons learned? Challenges?

Putting a team together for scale; property manager, contractors, broker, lender

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

Tom Spackman, Cross Roads Real Estate Group out of Woonsocket, RI