6-unit in Back Central neighborhood of Lowell, MA

[Jeff L.]

Investment Info:

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

6-unit Buy & Hold investment in Lowell

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

Working towards semi-retirement. It needed a LOT of work but I saw it as a value add opportunity.

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

Property was listed online. My agent worked with me on it from beginning to end.

How did you finance this deal?

Cash and loan.

How did you add value to the deal?

One of the units was in horrible shape, the other 2 units needed work as well. Have replaced plumbing, electric, roofs, boilers, water heaters (the list goes on). Have been working on it every weekend (and holidays, vacation days) for nearly a year in addition to hiring professionals to do major renovations on 3 of the units. Nearly complete and the other 3 units are in decent shape. This building should be "good" for the next 100 years or so assuming I can find "good" tenants.

What was the outcome?

The 3 renovated apartments look great! We'll see what they bring in terms of tenant quality and rent.

Lessons learned? Challenges?

It will almost ALWAYS cost more and take longer than you initially plan.

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

Absolutely! PM me for their contact info.