Bought 16 Units in Waterbury, CT

[Aneury Evangelista]

Investment Info:

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

Purchase price: $800,000
Cash invested: $151,359

Bought a 16 unit portfolio using a combination of bank financing and seller financing

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

The numbers made sense, there is room for force appreciation, and it got our foot in the door in the market.

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

We found it on the MLS, and met with the seller when touring one of the properties ( and 8 unit building). We talked to him and asked if he had anything else he wanted to sell. Turns out that he did! We went under contract for 25 units total, but after inspection, dropped 9 that had severe structural issues we were not willing to take on. We then asked for concessions and seller financing given appraisal fell short from what was expected due to the condition of one of the properties (the 8 unit)

How did you finance this deal?

Bank and seller financing.

How did you add value to the deal?

We are fixing up one of the properties which should allow for a nice return once we are done.

What was the outcome?

We just acquired it and are now working on our execution.

Lessons learned? Challenges?

Always ask for the moon and welcome rejection. Each no gets your closer to the yes that you need. We asked for aggressive owner financing terms and got them.

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

We are licensed brokers in CT and handled the deal ourselves.