Worcester 4 Family House-hack

[Michael H.]

Investment Info:

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

4 Family house-hack in the Green Hill Neighborhood of Worcester. Cash flowing four family on a corner lot with great access to downtown, the Lincoln street retail hub and I-290. Steps from the 500 acre Green Hill park.

The building consists of 3 studios and a three bedroom. I plan to re-finish the basement and attic to add an extra 1000 SF+ of living space.

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

Great real estate with a large lot, parking, proximity to Green Hill park, and location at the top of the hill.

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

Craigslist for sale by owners.

How did you finance this deal?

FHA owner occupant loan at 3.5%

How did you add value to the deal?

Negotiated a good deal. Plans to add living space in basement and attic. Renting apartments at market rents.

What did you learn?
Don't give up on a deal. I initially engaged the sellers in October of 2020. They had to settle with a trouble tenant which took several months to move them out. I closed 6-7 months later in May of 2021.