Multifam Deal in Southern Paterson, NJ
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Paterson.
Purchase price: $425,000
Contributors:
Drew Walls
Corner lot, spacious, and high potential three multifamily home in a prime area of Paterson. Currently house hacking with opportunity for robust cash flow in the near future.
9 Total bedrooms and 4 bathrooms with spacious basement.
What made you interested in investing in this type of deal?
Upside potential with already existing revenue made this a solid deal in my opinion
How did you find this deal and how did you negotiate it?
As a licensed Realtor I have access to the MLS. To which I spend hours at a time combing through the nitty gritty of homes until I uncover perfectly matched criteria "winners". Understanding what will work in terms of profitability and what will not has given me the confidence to "pull the trigger". The negotiation was straight forward. I didn't haggle, the house was priced to generate revenue so I bought at asking.
How did you finance this deal?
My go to guy for lending, Drew Walls , and his company at Millenium Home Mortgage were absolutely vital in this deal.
How did you add value to the deal?
I am currently renovating many areas and plan to add more to the list. I've planned the deal after closing to such detail that I know once my "deadline" time is approaching I should have more than enough finished ; the doors need revamping, the carpets replaced, and the driveways paved and maybe some landscaping and new paint to add curb appeal. The most important thing I want to accomplish is to enjoy making projects of things with my wife.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
In this case, I was the buyer, negotiator, and agent with help from IMO one of the best of lenders.. Drew Walls.
