1st purchase of a small Multifamily Property

[Oni Sadiki]

Investment Info:

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

Purchase price: $334,000

2 unit multifamily, near downtown Marlborough. Needed updates

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

My realtor told me how fast apartments were selling in this city due to all the companies moving into it. With in the years 5 hotels, a huge entertainment plaza was in the process of being finished and it was close to my job

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

My realtor knew a lady who was looking to sale, and informed me that getting it before it goes on the market was my best bet at getting it.

How did you finance this deal?

I did traditional financing. Used he mass housing plan which gave me a lower interest rate and 5% down. I did need to stay in the property for 1 year

What was the outcome?

My appraisal came out about 15k higher than what I paid for it

Lessons learned? Challenges?

I should have arranged to have rehab cost added to it. It was stop and go at times depending on when I ran out of money.

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

Broker- Sean Callan
Realtor - Tanya Virnelli