Investment Info:
Small multi-family (2-4 units) buy & hold investment in Wilton.
Purchase price: $300,000
Cash invested: $75,000
Property is a 3 family home, was completely gutted and rebuilt prior to my purchase. Original price was $325k the appraisal came back at $300k because it was a 2 family on the tax records. Prior owner was using 2 units wanted to save on W&S so he had it changed. After i purchased it took 20 minutes at the town to get it back to a 3 family.
What made you interested in investing in this type of deal?
Looking for extra income and a future retirement plan
How did you find this deal and how did you negotiate it?
Found though a realtor and he negotiated it
How did you finance this deal?
Conventional 30 year
How did you add value to the deal?
I have done small cosmetic upgrades over the past 2 years which has resulted in $500 extra in rent per month.
What was the outcome?
So far everything is great and looking for the next property
Lessons learned? Challenges?
I should have done a further look at the some of the mechanical the furnace was noted in the inspection as unknown turns out the block was cracked so that was 3 days into owning it having to replace the furnace. I now have a good furnace guy who will inspect any furnace i want him to.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes Jason Francoeur at Keller Williams Nashua NH
