Huge Investment Success For GPG’s Caitlin Collins

One year ago, in July 2020, Gray Property Group’s Caitlin Collins closed on her first investment property, brokered by Nick Gray. They found the property off-market with low rents, but determined that it had high upside potential after a cosmetic renovation. Caitlin purchased the 12-bedroom 3-family on Manchester’s West Side for $310,000 with an FHA loan and managed a $70,000 renovation over a two-month period. At the renovation’s conclusion, Caitlin was able to fully lease the property with gross rental income of $5,500/month and cash flow of >$2,000/month.

Given the forced appreciation achieved by the renovation and the natural appreciation that has occurred in the market over the last 12 months, the 3-family appraised at $525,000 in July 2021. This enabled Caitlin to refinance the property this month to remove her $215/month private mortgage insurance expense and secure a lower interest rate, good for an extra $400/month of cash flow. This was a great first multi-family investment deal for Caitlin and she looks forward to many more to come.


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