1st Leominster property

[Tony Molina]

Investment Info:

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

Purchase price: $315,000
Cash invested: $25,000

Great building with excellent cash flow. Always get offers but won't sell this one for a while.

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

local contact put us in touch with current owner who couldn't handle the building anymore. Took a couple years to work out with bank

How did you finance this deal?

cash

How did you add value to the deal?

updated appliances, pulled up linoleum and refinished floors, added electric panels in units, and added instant hot heat/hot water for units

Lessons learned? Challenges?

These deals can take a while, but they are worth the wait.

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

Avidia Bank is a local lender we like to work with.