14-unit rooming house value-add BRRRR

[Bill Couture]

Investment Info:

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

Purchase price: $135,000

14-unit rooming house building with 13 single-occupancy rooms and one, two-bedroom apartment. Purchased as a short-sale with conventional commercial mortgage and used a private lender to fund the 25% down payment. Used cash-flow from currents rents to spend $40,000 improving the building. Raised rents 20% and completed a cash-out refinance to invest in another building.