First multifamily in difficult Real Estate Market Flagstaff, Az
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $220,000
Cash invested: $220,000
Duplex in area of high rental interest. Vacancy rate 0. Multiyear lease. both units have washer dryer hookups (preferred by tenants.
What made you interested in investing in this type of deal?
Looking for steady cash flow.
How did you find this deal and how did you negotiate it?
Tip from Realtor. Owners moving out of state. Cash purchase trumped competing offers.
How did you finance this deal?
1031 exchange
How did you add value to the deal?
upgraded interiors.
What was the outcome?
Steady cash flow very little maintenance. Duplex well built in good rental neighborhood.
Lessons learned? Challenges?
Might have negotiated 2-5% better price.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, local ReMax realtors, Kenny and Michelle.