Bought our fourth multifamily rental - in a new state!

7 Replies

Excited to say that my husband and I closed escrow last week on our fourth rental!  We already own one in CA and 2 in AZ, but just bought this one in CO.

Here's a little run down of some basics: it's a fourplex built in the 1980s. Price was $340,000 and we put 25% down and got a mortgage payment of $1350/month. Each unit is rented for $800 (for a GRM of 8.9), but should be at least $850-$900 (for a GRM of 8.3 or 7.9). It had T-lock roof on it, but the seller had a brand new roof put on while we were in escrow. Needs 4 new windows and exterior paint, but otherwise pretty good. Got a PM to manage it for us out there. Not as good as the deals available a few years ago, but it's still turning a profit. Should net over $100/unit at current rents for a 6% ROI, which will go to over $150/unit and 8% ROI at rents of $850.

Most expensive Christmas present we ever bought ourselves!

@Kimberly T.  congrats on your great Christmas present! Hopefully this Christmas present begins to buy you your future holiday gifts for many years to come.

Congrats @Kimberly T. from the numbers you posted looks like you got a great deal!

@Kimberly T.  

 Big congrats on this great acquisition.. Its a wonderful Christmas present that points to what is in store for you in 2015!!! Congratulations once again :) 

Congratulation on your new house! We are also in the 3 states rental club :)

P.S. I know exactly how you feel. We are buying 3 houses this year. My husband said they covered Christmas, My birthday and our Annivesrary 

@Kimberly T.  Congrats! I hope 2015 brings you even more success! The numbers look great to me! 

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