Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $219,200
Cash invested: $12,000
Sale price: $222,500
I purchased this multi-family (3) residential property recently back in August of 2019, my first ever real estate purchase via FHA loan. built in 1919 this property was one of the better deals in this neighborhood of New Britain/Newington border. Since it is my first property I will buy & hold it while improving upon the value of the property over time.
What made you interested in investing in this type of deal?
I have always been earning my own income through several small online platforms and social media so I decided to save up for a hard asset such as this three family investment property.
How did you find this deal and how did you negotiate it?
I found this deal through my cousin who is a local real estate agent for a small local brokerage in Hartford County, CT. He helped me navigate the negotiations and talked me through my liquid cash offer and bank contracts along with my mortgage banker. Overall, it was a very eye opening experience for myself and I look forward to learning how to close deals with efficiency and effectiveness in the future.
How did you finance this deal?
I financed this deal through a 30 yr. fixed FHA loan.
How did you add value to the deal?
I am continuing to add value to the property over the course of this year I will allocating 40% of my saved income to refacing and replacing vital components of all three units! Hopefully I can purchase another one shortly after I ad value to this property.
What was the outcome?
The outcome is ongoing but continuously positive, as I've added tremendous face value to the property enough to close on lease agreements for all three units of the property.
Lessons learned? Challenges?
Lessons learned and mistakes made during this deal are certainly long lasting and impressionable. From kicking myself for not doing enough thorough research into the basement and foundation of the home to experiencing delay after delay with the water heater and boiler. Essentially every setback is a mistake prevented fro the future endeavors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I worked with my cousin Alexander Ruiz who is a licensed residential realtor in Hartford County of CT. He is a up & coming agent with a multifaceted work ethic and dedication to the client.
