Buy and Hold Multifamily Property

[Jason Dobbins]

Investment Info:

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

Purchase price: $300,000
Cash invested: $75,000

Property is a 3 family home, was completely gutted and rebuilt prior to my purchase. Original price was $325k the appraisal came back at $300k because it was a 2 family on the tax records. Prior owner was using 2 units wanted to save on W&S so he had it changed. After i purchased it took 20 minutes at the town to get it back to a 3 family.

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

Looking for extra income and a future retirement plan

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

Found though a realtor and he negotiated it

How did you finance this deal?

Conventional 30 year

How did you add value to the deal?

I have done small cosmetic upgrades over the past 2 years which has resulted in $500 extra in rent per month.

What was the outcome?

So far everything is great and looking for the next property

Lessons learned? Challenges?

I should have done a further look at the some of the mechanical the furnace was noted in the inspection as unknown turns out the block was cracked so that was 3 days into owning it having to replace the furnace. I now have a good furnace guy who will inspect any furnace i want him to.

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

Yes Jason Francoeur at Keller Williams Nashua NH