Buy and Hold
Principal / GP
We purchased this five-unit residential building next door to 30-32 Summer st vacant. We first got word of the building being for sale in early 2019, but the off-market price was way too high. The property then went on the market, at the ridiculously high price. About a year later and after the sellers had a few buyers back out, the price was reduced to a fair number.
This was my first vacant building purchase, which had its pros and cons.
Having no cash flow for a few months while we completed the unit rehabs put the pressure on, especially as COVID became scarier and scarier heading into the spring.
Luckily, we were able to get all five units rehabbed and leased at market-rates by early May 2020.