We were running out of money to continue carrying the property, so we took it.We refinanced all our existing debt into a new 30 yr loan for $2M, which was 10 years IO at 8.375% before going principal + interest in years 11-30.

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof). 

Additionally, it can help maximize renovations and improvements.36.4% of the total depreciable basis was classified as 5-year class life.

And a pro forma vs. end of year actuals are very, very different.

Verifying last 2 years of rental history very important!

I specialize in small multifamily properties and house hacking working alongside BiggerPockets podcast guest Andrew Freed to help investors find high-performing deals in Central MA.My Background:  - Started in late 2019 I utilized an FHA loan to get my first 3 family property in Fitchburg, spent about a year fixing it up and soon after I refinanced. 

Quote from @Brett Siegel: I’m Brett, a 29-year-old general dentist based in Loudon county.

Also, after a year, the mortgage hasn't been paid down by much, especially if it's a 30 year mortgage.The only challenge you may run into is if you purchased it using a low or no money down mortgage option like FHA or VA lending.

How many are we going to get this year. 

@Chelsea DiLuzio 2025 sounds like it will be an exciting year!