Closing on my second 4-plex in Cedar Rapids, IA today! Listed at 144, I picked it up at 135k, with a total loan balance of 127k. The seller is also giving me 1.5k at closing for cosmetic repairs, so I'm only putting 3k down. It has two 2-bedroom units and two 1-bedroom units. It currently has one vacancy. I have some landscaping work to do on it and simultaneously updating the vacant unit (new carpet & linoleum, new paint). The units rent for between 550 and 600 each.
I'm also closing on a flip house today. It's a foreclosure that we picked up for 90k. With tax credits and earnest money, my loan is for 87k. Also got a separate loan for rehab for 12k!
Gotta love other people's money :)
Happy investing to all!
Congradulations @Account Closed ! OPM is a wonderful thing.
congrats, @Account Closed ! Sounds like you are well on your way to your Panama goal.
Awesome! @Account Closed how did your find your multi families?
@Austin Davis , Thanks!! Hope we can stay the course :).
@Ve'Ron Hall, found my multi-families on realtor.com.
@Account Closed Awesome, rock on! A flip and a multi, your pounding the trenches and living it so keep up the momentum!
That is great @Account Closed . It sounds like you are using every bit of leverage you can in the best way you can use it. Good for you.
Congrats, sounds like you're doing well!
Congrats! Keep it going.
Can you talk about how you managed to put only 3k down? Did you choose to live in the other side as well?
@Account Closed great job. Keep up the good work.
@Steve Burt Actually, at closing I found out I didn't have to put any money down at all. I actually got a check for $480. Some banks do an automated valuation instead of an appraisal. If the automated valuation comes back higher than the purchase price, you're in luck.
Good work . you are making some good deals. Are you using the same lender to do the fourplex and the flip as well ? What is yout plan for teh flip ? ARV, rehab time , , is 12K your rehab budget ?
@Kenneth Hynes , yep same lender for both the fourplex and the flip.
As far as the flip goes, we hope to have it done by February and we'll list it on FSBO the first of March. 12k is the goal, but there's room to grow in case things don't go as planned.
Hope the Flip goes well. look forward to the progress reports :) Do you haev a goal on when to buy your next multi ?
@Kenneth Hynes , we're going out of the country for the entire month of january... otherwise my next fourplex purchase would already be in the works! We plan to start looking right before we leave and close right when we get back. If we don't find anything good, then we'll start looking the first of February :).
I Am a little late to this, but I am very interested in how you secured a loan with 3k down. I would love to buy a 4plex but I can't come up with the 20% down for an ARM or 25% conventual. What kind of terms are your loan? Who did you go through? Thanks
@Rebecca Olson Sounds like an incredible deal with 3K down. Congratulations!
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