First Investment property

[Jonathan Justiniano]

Investment Info:

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

Purchase price: $297,000
Cash invested: $5,000

3 family with value add on doing cosmetic upgrades and rising rents

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

Wanted to get my first deal done

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

MLS and we did not negotiate. The asking price the numbers made sense and we made a full ask offer the same night we saw it.

How did you finance this deal?

Portfolio loan

How did you add value to the deal?

2 units were occupied and the 3rd was vacant so i took one month and $5000 and renovated it. New kitchen, flooring, paint, ect. Extended the driveway for ease of parking for tenets

What was the outcome?

higher rents

Lessons learned? Challenges?

how to do a make a deal happen, how to screen applicants, how to manage a property

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

yes
Sean Libby - Prestige Home mortgage (mortgage broker)
Mary Anne Sanacndro (Realtor)