Cash-Flowing College Rental (Providence, RI)

[Tyler Rowley]

Investment Info:

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

Purchase price: $370,000
Cash invested: $105,000

This was my first multi-family investment. It is in the heart of Providence College 's -campus student rentals. Good cash-flowing property purchased below market value.

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

It represented a market I want to get into, namely college rentals in a neighborhood in which I am very familiar.

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

Driving around the neighborhood looking for deals.

How did you finance this deal?

My own money.

How did you add value to the deal?

Waived inspections.
Waived seeing the 1st floor which had a tenant that was scared to let people into the apartment (COVID).
Showed that I was fast and competent at getting the proper documentation and funds.

What was the outcome?

The agent and seller felt comfortable with me and accepted my offer.

Lessons learned? Challenges?

You make your breaks.

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

Met a very good contractor in Rhode Island that I would recommend.