6 family buy and hold Fitchburg MA

[Jonathan Bombaci]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fitchburg.

Purchase price: $375,000
Cash invested: $76,250

Contributors:
Matthew Perimian

6 family buy and hold in Fitchburg. Gross rents are $4150 per month but gross potential rent is over $6000 per month. This property will be a cash cow once it is stabilized.
JDCU did the commercial mortgage with 25% down at 3.5% but we negotiated a $17,000 seller credit which helped offset the downpayment a bit.

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

We already have properties and a ptt try property management company in fitchburg

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

Agent brought it to us as a "pre-MLS" listing.

How did you finance this deal?

Commercial financing at Jeanne D’ARC credit union in lowell

How did you add value to the deal?

Will increase rents substantially and maybe split out the heating

What was the outcome?

Great new addition to our portfolio

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

Yes my team at Candor Realty, attorney Doug Mercurio who understands investment deals thoroughly, and Jeff Turncott at JDCU