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Updated over 3 years ago, 09/01/2021

User Stats

87
Posts
34
Votes
Joe Rodriguez
Pro Member
  • Real Estate Agent
  • Melrose, MA
34
Votes |
87
Posts

Buy & Hold Investment in Providence

Joe Rodriguez
Pro Member
  • Real Estate Agent
  • Melrose, MA
Posted

Investment Info:

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

Purchase price: $460,000
Cash invested: $16,000

I purchased this 4 unit property back in January. I was looking to add another property to my portfolio and specifically looked for investment opportunities that would cash flow. I had refinanced a previous property, so I was able to purchase this one with an FHA 3.5% loan. Not to mention, my rate is only 2.5%!

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

It already had great tenants and the numbers worked. Not much to do except rent out 1 vacant unit and watch it cash flow.

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

I found it on MLS as I am a licensed real estate agent.

How did you finance this deal?

I financed the deal using an FHA 3.5% down payment loan.

How did you add value to the deal?

I did some upgrades to the exterior and cleaned out and painted the vacant unit

What was the outcome?

4 units occupied and cash flow of $1,125 per month.

Lessons learned? Challenges?

Don't assume something is wrong with a property just because it sat on the market. I was hesitant to see this property as it had been on the market for about 30 days. Looking at the pictures and numbers, it looked like a great. I had assumed something was wrong with it since it was still available.

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

I represented myself on this deal.

  • Joe Rodriguez
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