Bought 9 Units in Torrington, CT

[Aneury Evangelista]

Investment Info:

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

Purchase price: $505,000
Cash invested: $75,000

Bought a 9 unit portfolio using bank financing (20% down).

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

The numbers made sense, and it was an opportunity to enter the market.

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

We found it on the MLS, and negotiated with the seller's agent offering a price that worked for us.

How did you finance this deal?

20% down bank financing.

How did you add value to the deal?

We will be making improvements to the property, and are using our in-house property management arm.

What was the outcome?

We just finished acquiring these and are now executing.

Lessons learned? Challenges?

Don't be afraid to jump first and figure things out as you go. We had no funds when we made the offer on this property, but quickly figured things out to make it work.

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

We are licensed brokers and handled the deal ourselves.