Small multi-family (2-4 units) buy & hold investment in Erie.
Purchase price: $265,000
Cash invested: $46,000
House Hacking a duplex and bought the duplex next door! 4 doors! Bought as a package deal with the duplex next to mine as well. FHA loan on this one allowed me to put a conventional down payment and get the one next door as well.
What made you interested in investing in this type of deal?
Wanted a SMF and cash flow!
How did you find this deal and how did you negotiate it?
Found this on the MLS. Seller was selling this duplex and the duplex next door. Seller was asking 150k for each, I offered 125k each. She countered 140k each. I countered again best and final at 265k total (instead of the 280k she countered with), but needed the purchase price of the Investment Property duplex to be 125k and could pay 140k for the Owner-occupied property.
How did you finance this deal?
3.5% FHA 30 year the owner occupied and conventional 30 year on the investment duplex.
How did you add value to the deal?
Plan on renovating the bathroom in each unit as I turnover. Focused on curb appeal at the moment.
What was the outcome?
To be determined!
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