Updated over 10 years ago on . Most recent reply
Midwest multi-family buy and hold
Hi everyone, I am new to the site. I have been reading posts for the past month and thought it was time to say hello. I bought my first investment property last June, then I found this site...timing might not be my best friend, but better late than never. I wanted to get one tax season out of the way before deciding if real estate investing was my thing. So far I have been having a good time, and long term forecast looks good....
So I am about to put an offer on my next property. I am looking mostly for small multi-family. My first property was a 4 plex for $150k. My only real mistake was over-renovating. Couple that with an investment trip to look at a larger property in my home town and I had a small loss. The first couple of months of 2015 tell me I might make up for that loss in short order.
The next property looks like it will be two 6-plex buildings on the same land. It is a REO and sold "as is". Three units need carpet and various fixtures. Two others are vacant. Seems like the seven full units will carry the rest, so I should be able to get cash flow positive quickly. All this for a price less than $25k/unit. What do you think?
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Negotiate the "cash at closing" with your bank not the seller. Unless they're the same...