Loft Apartment in Old Mill Building

[Chris R. Gallo]

Investment Info:

Condo buy & hold investment in Malden.

Purchase price: $308,500
Cash invested: $63,000

Buy & Hold (for now)

As Originally Bought:
https://www.zillow.com/homedetails/10-Linwood-St-APT-108-Malden-MA-02148/56520774_zpid/

Since then I have renovated the bathroom and the kitchen entirely. Ready to use this equity gain to sell and 1031 exchange into a Multi Family project and continue to grow my porfolio.

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

Was coming off the road to stay localized to Boston.

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

Off Market deal on the apartment that was talked down from $315k

How did you finance this deal?

$60k down from liquid cash and traditional 30 year fixed

How did you add value to the deal?

- Replace HVAC (Heat Pump and Fan Coil + Digital T-Stat) February 2021 - Total Cost: $12,350.00

Additional Rough Costs: $2k
- Updated Kitchen:
o Butcher Block Counter Tops
o Composite Granite Sink
o New Black Faucet and Garbage Disposal
o White Porcelain Large Format Tile Backsplash
o Painted urethane white cabinets
o New black hardware pulls

- Bathroom Upgrades
o New toilet
o New lighting modern fixture
o New larger modern mirror

What was the outcome?

Still living in it. Plan is to sell this and roll it into the next.

Lessons learned? Challenges?

Look more into the amount needed to put down.
Challenge was performing the renovations while living in it.

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

Andrew Realty RE/MAX