Another property down down. Man I love this stuff!

[Brandon Rush]

Investment Info:

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

Purchase price: $225,000
Cash invested: $56,250

Decided to test a new market and headed up north in Connecticut to the town of Winsted, CT. What appealed most to me about this property is the cashflow it produces, roughly around 14% COC return. While I continue to grow my company, I needed to find a property to purchase to continue growing the snowball . This property was in line with my goals, so I moved on it. I absolutely love this stuff and cannot wait for the next one.

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

This deal aligned with my goals of acquiring either value add or high COC return turnkey properties.

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

My agent took me for a drive one day up north in CT and the rest was history.

How did you finance this deal?

25% down conventional.

How did you add value to the deal?

This is more of a turnkey purchase with not a lot of initial value add. There are some interior cosmetic improvements I plan to make utilizing the cash flow of the property over the first year. In addition, the property sits on two lots. The second lot may have potential for another multifamily property or storage rentals in the future.

What was the outcome?

Amazing. Tenants were all up to date on rent during COVID and after the purchase. One of my tenants has become the onsite maintenance guy assisting me in maintaining the property which has been a blessing. And I just love the beautiful drive through Connecticut when visiting this property.

Lessons learned? Challenges?

As soon as you are able to, find the resources such as plumbers, electricians, handymen and let them do the work! Trying to be hands on, on a property that was 45 minutes away proved to be inefficient right away after the purchase. I was forced (in a good way) to build a team of resources. Another lesson is to not worry about getting all of your cashflow day one. For some properties, will take a few months of stabilization before you are actually cash flowing, its ok!

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

Jesse James Perkins - Realtor w/ Vision Real Estate
Joette Trinh - Attorney w/ Trinh Law
Justin Sloan - Insurance w/ BSP Insurance
Daniel Rosenfeld - Lender w/ Leader Bank
John Fitzgerald - Inspector w/ Silver Mine Home Inspections

[Tyler Hespeler]

Congratulations @Brandon Rush sounds like an excellent deal! I'm a fellow investor myself and own 4 units in Mystic area. If you are looking to explore southeastern CT I am happy to chat and am also a real estate agent and can show you some properties.