First Rental Property

[John Gentile]

Investment Info:

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

Purchase price: $392,000

Contributors:
Lewis Brugger

I recently closed on my first multi-family. It was a long search to find a property that met my standards in terms of growth potential and having solid numbers on day 1 (especially in the southeastern Massachusetts area). I have already started updating the property and will continue to do so throughout the year. I inherited 3 tenants (month to month) who have all been great so far. Thanks to all of those in the BP Community who have provided support throughout the journey to my first deal

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

The opportunity to make some improvements that would boost rents was a big draw. I also liked the town and the proximity to my primary residence.

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

My agent @Lewis Brugger helped me find and negotiate the deal. I received 7k back at closing to take care of a few repairs.

How did you finance this deal?

I financed this deal via conventional financing.

Lessons learned? Challenges?

I worked with a local bank that promised 20% down when we first talked and continued to promised that down payment percentage throughout the process. Within about a week of closing, they said I needed to put down 25% down. I was still able to make the numbers work, but it was a disappointing setback at the time. They also forced us to change the closing date 3 times (seller was agitated). This bank did come highly recommended from another investor... But I will not be using them again.

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

Yes - @lewisbrugger

[Owen D.]

@John Gentile, congratulations! I recently used Eastern Bank for a 2-family cash-out refinance and purchase of a single family rehab (10% down) and had a great experience. With Eastern Bank I've found that if you're an organized buyer than can help move things along pretty quickly. 

My contact at Eastern Bank is Beth Murphy, you can find her contact information at this link: https://www.easternbank.com/murphy. I have no relationship with Eastern Bank other than being a happy customer so just wanted to pass along for any future deals you're working on. 

Congrats again and good luck!

-Owen