Just Closed Melrose Heights Duplex!

[Brian Poirrier]

Investment Info:

Small multi-family (2-4 units) other investment in Columbia.

Sale price: $217,000

Dual representation for Melrose Heights Duplex listing, 1 DOM, record highest current GRM.

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

This was a solid opportunity, although middle of the road on size, not many updates to speak of was in good condition with a clean foundation and plenty of upside.

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

Cold calling quite a while back and met with and just stayed in touch over time for when the Seller was ready to move forward. The first day of shopping this privately off market generated a lot of interest and a full price offer. No inspection negotiations as it exceeded the Buyers expectations aside from the roof being older which was disclosed up front along with our foundation inspection report we completed prior to listing.

How did you finance this deal?

Buyer was conducting their first 1031 Exchange with a private bank as the QI and a conventional loan.

How did you add value to the deal?

A combination of a proper value analysis, targeted marketing and utilizing my buyer connections that can expect thorough and transparent information. Unique to this deal was managing the expectations through a delayed closing process due to the Buyers 1031 exchange, but after many conversations and some give and take between the parties we were able to get everyone across the finish line.

What was the outcome?

Closing the transaction at full price.

Lessons learned? Challenges?

I'm always double check that numbers twice as mistakes are possible even when something shows on the closing statement, doesn't mean it was properly accounted for.

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

I look forward to working with great local lenders and when it comes to commercial notes, First Community was able to get it done which can be a challenge for buyers that insist or must purchase in a business name due to a 1031. If you're looking for a multifamily sales agent as a seller or buyer I will continue to provide unmatched service to provide professional and seamless results.