First Multi-Family Investment!

[Daniel Foley]

Investment Info:

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

Purchase price: $240,000

My girlfriend and I just purchased our first multi-family (2 Fam) in Cherry Valley! With Worcester’s income property price tags sky rocketing, we decided to look right outside the city instead and landed an excellent deal on a 2 Family property that we can owner occupy for now and eventually rent out both units down the road. Couldn’t be more excited to finally be a part of the Multi-Fam Gang!

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

Great opportunity to make passive income while living at the property. Better than a starter home!

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

Family member told me about it. We were able to negotiate the price to make it work out in both parties favor (hard to do in a sellers market like this!).

How did you finance this deal?

Through an FHA loan.

How did you add value to the deal?

We will update both apartment units and be able to rent them out at a fair market rate!

What was the outcome?

So far so good!

Lessons learned? Challenges?

Plenary of lessons learned on the financing side, such as (but not limited to) shop around with lending services! Don’t just settle for the first organization that approves you!

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

I am a licensed Realtor in MA, but I’d highly recommend myself 😉