FINALLY! A Turnkey property!
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $289,000
Cash invested: $16,000
My third property and second house hack!
FINALLY! a turnkey property that doesn't add a years' worth of projects to my schedule :) This is an amazing and very unique three-unit home in Kalamazoo's historic neighborhood.
Looking forward to living cheaply and building equity for the long term!
What made you interested in investing in this type of deal?
Low maintenance, low money down, above the 1% rule and my second house hack!
How did you find this deal and how did you negotiate it?
Good old-fashioned Zillow!
How did you finance this deal?
conventional primary residence loan.
negotiated seller credits
I complain about my W2 job... but in the end it funds all of my deals!
How did you add value to the deal?
rents are under market value from long term tenants. This home already meets the 1% rule as is... but once rents are raised to market value we will be making about $400 cash flow per month
What was the outcome?
A unique, long term investment opportunity that is (hopefully) low maintenance.
Lessons learned? Challenges?
Working with a great Realtor is key. We were super quick to view and make an offer on this home and that was why we closed on this home.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes! Logan Laperriere!
I met Logan on Bigger Pockets and he was awesome to work with. Reach out to Logan if you are looking for an investor savvy realtor in the Grand Rapids or Kalamazoo area! Find him on Bigger Pockets!
