Small multi-family (2-4 units) buy & hold investment.
Purchase price: $185,000
Cash invested: $72,000
Large Two family, 3-BR each, with possibility of three family conversion with a 2-BR apartment on third floor on a nice corner lot of major roads of the town, near nicer schools and on bus-line.
What made you interested in investing in this type of deal?
It was near my other property and being sold by an employee.
How did you find this deal and how did you negotiate it?
Favor to an employee whom I had helped locate this property to buy few years before, paid little more to cover improvements made earlier.
How did you finance this deal?
Normal bank financing 75% at fixed rate for 30 years term.
How did you add value to the deal?
Have better tenants who will pay higher rents than before after making some cosmetics updates.
What was the outcome?
Lessons learned? Challenges?
None. Simple routine process. Same known lender bank, known seller, regular inspection and appraiser without any surprises.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No broker. Saved seller money.
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