Two Family in Leominster, MA

[Edwin Figueroa Torres]

Investment Info:

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

Purchase price: $277,000

Two family home
First floor apartment has two bedrooms, with the possibility of three, and one bathroom.

Second floor has two bedrooms and one bathroom.

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

I first purchased this house without knowing anything about investing. It made sense to buy a two family house and have someone help pay the mortgage.

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

The moment the house appeared on MLS, I called my realtor and was seeing the house by the end of the day. I wrote a letter to the homeowner, who's family had owned the house for 60 years. I included a picture of my son and I and she said that is what sold her on us.

How did you finance this deal?

I used a VA Loan. 0% down and 100% financing.

How did you add value to the deal?

I renovated the kitchen, putting in new appliances and granite countertops. Also, put in a 12' x 12' deck for the first floor. Painted the rooms and removed the wood paneling from the first floor unit.

What was the outcome?

I lived in the first floor apartment for the first two years, while renovating and was able to get $1610 for the first floor apartment and get $1350 for the second floor apartment.

Lessons learned? Challenges?

I did most of the work myself, through watching YouTube videos and help from my dad. My childhood friend works in kitchen renovations so he helped with the installation of the granite. A lot of sweat equity, but a lot of lessons learned.

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

I worked with Patrick Quealley with Hancock Mortgage and Barbara King with Cameron Realty.