LEXINGTON 4 PLEX IN SPRINGFIELD, IL
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $170,000
Cash invested: $32,000
FOUR PLEX IN A NICER AREA, APARTMENT COMMUNITY WITH RENTS TOTALING 2780/MONTH
What made you interested in investing in this type of deal?
IT CASH FLOWED WITH PROPERTY MANAGEMENT AND VACANCIES
How did you find this deal and how did you negotiate it?
FOUND ON THE MLS, OFFERED 30K UNDER ASKING (189K) AND NEGOTIATED FROM THERE. INSPECTION FOUND A FAULTY ROOF, NEGOTIATED A 12K ROOF FOR 6K CASH OUTSIDE OF CLOSING. COMPS HAVE ALL BEEN ABOVE 200K
How did you finance this deal?
COMMERCIAL LENDER, 15% DOWN AT 5.15 OVER 20 YEARS. 5 YEAR BALLOON
How did you add value to the deal?
WILL BE MAKING SMALL UPGRADES. UPGRADE HACKING SMALL THINGS THAT NEED REPLACED AND SPENDING COUPLE EXTRA BUCK FOR TOP AMENITIES
What was the outcome?
STILL FINDING OUT
Lessons learned? Challenges?
STILL FINDING OUT
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tbd