First multi family deal
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Marysville.
Purchase price: $330,000
Cash invested: $73,000
My first MULTI-FAMILY deal! (4plex) I have a few SFRs but this was my first multi. Pretty pumped about this one, monthly rents of $3700 and all in with a great management company this thing should be cash flowing $1200-$1500/mo
What made you interested in investing in this type of deal?
An agent I work with (I'm in mortgage) brought me the deal. I passed on it at first but then after coming back to check in I decided to do it
How did you find this deal and how did you negotiate it?
Agent brought it off market
How did you finance this deal?
Non QM loan based on property cash flow.
How did you add value to the deal?
Great property manager already flipped 2 units and has the problem tenants getting in line or else they are at risk of losing section 8 voucher.
What was the outcome?
HOLD... Like Warren Buffett. Never sell
Lessons learned? Challenges?
Learned that its not as hard as I thought. Already in contract on the next one.