All Forum Posts by: Dan Hennessy

Investment Info:

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

Purchase price: $160,000

Cash invested: $37,000

Recently appraised for $230,000

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

I already had a 3-family in the city and saw inventory tightening.

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

It was an FHA property with FHA eligible ( owner occupied ) investors having the right of first refusal. After the expiration. I put in the bed with in one hour at 15,000 less than asking. After going back-and-forth numerous times with some faceless bureaucrat at Fannie Mae, they excepted my offer

How did you finance this deal?

All cash. Then refinanced after a modest rehab has allowed me to fill all three units and get that property cash flowing nicely.

How did you add value to the deal?

BRR..LOL

What was the outcome?

Buy and hold, it cash flows

Lessons learned? Challenges?

The biggest challenge is lack of parking, which has led to tenant turnover and challenges in finding tenants

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

Yes. I have a great property mgt company. 

Investment Info:

Large multi-family (5+ units) other investment in Dallas.

Purchase price: $>50 million

Cash invested: $50,000

I am an LP in this deal

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

Investing as an LP with an experienced operator to learn the business.

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

I learned about the deal through Makenna Capital

Major medical development project coming to Mass. South Shore

The announcement in February of the redevelopment of downtown Quincy, MA, reinforces my belief that “all healthcare is local” and reinforces the trends towards high quality real estate in local communities. Less than 10 miles from Boston, Quincy is a historically blue-collar city due to its manufacturing and industrial base, yet has diversified considerably and now has a substantial mix of professional residents in healthcare, finance, education, and insurance.

This major medical building development will be the ‘jewel’ of a $1.6 billion downtown redevelopment that has been ongoing since 2011, and is aimed at providing high quality integrated care, both primary and specialty, closer to the residents of the city.

Medical real estate has historically been recession-resistant due to the fact these properties provide the ‘room and board’ for healthcare tenants delivering a basic necessity for their communities, healthcare. It is notable that Quincy is located a mere 10 miles from some of the top academic medical centers in the world; Children’s Hospital, Massachusetts General Hospital, Dana-Farber Cancer Institute, and Brigham and Women’s Hospital to name a few. That Brigham Health, a dominant hospital system, saw the opportunity to partner with the South Shore Hospital system in Quincy, is a testament to the shifting preference for delivering quality and convenient care locally. Having worked in the Healthcare field in Massachusetts for more than 23 years and having lived on the South Shore, I can tell you how much of a hassle it is to drive or commute via public transit into all of these top academic centers in Boston. This development will create higher quality healthcare delivery in Quincy and provide opportunities for local multi-tenant and single tenant medical properties that are located in what will be this new and evolving healthcare ecosystem In Quincy. I’ll be monitoring the surrounding off-campus landscape along with development and valuation trends.

@Drew Eldridge, thanks for starting this.....I,m Late to this thread, it’s great to see such a community in the medical field also interested in real estate. I’m a clinical pharmacologist by training and have worked ~20 years in cancer research and medical affairs in pharmaceutical industry.

I’ve owned multi families since I bought my first property on the precipice of the Great Recession in September 2008. I’ve invested in a note fund as well as 3 syndications as an LP and am currently working with a broker to acquire a medical office building.