Worcester Multi, 2 family North Worcester

[Brian J Allen]

Investment Info:

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

Purchase price: $294,000
Cash invested: $75,000

Bought for $294k, appraised at $350k on Day 1, will hold, raise rents then sell to one of my children to recoup my cash.

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

I picked it up when i was the agent for a 12 unit building

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

It was a throw in I needed to buy to make the 12 unit purchase happen

How did you finance this deal?

conventional small bank, portfolio loan

How did you add value to the deal?

raising the rents

Lessons learned? Challenges?

Make sure you confirm current rents

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

yes, ME