Small multi-family (2-4 units) buy & hold investment in Cleveland.
Purchase price: $150,000
Cash invested: $37,500
This is my very 1st multi-family home in the historic Tremont area in Cleveland, OH and still my best performing property!
What made you interested in investing in this type of deal?
Location! It is in the heart of Cleveland just 1.2 miles walking distance across the bridge to Progressive Field - Home of the Cleveland Indians. It is walking distance to many trendy restaurants and bars including Michael Simon's restaurants and right next to Lincoln Park.
How did you find this deal and how did you negotiate it?
I looked at everything for almost a full year and then as soon as I stepped foot into this property, I knew it was perfect. It was listed for 149k and I bought it for 150k over 7 years ago after being on the market for just 2 days. Best investment of my life to date!
How did you finance this deal?
Traditional Financing with 25% down at 3.98% over 30 years.
How did you add value to the deal?
Renovations and increasing rents!
What was the outcome?
$3,100 in monthly rents with a $977.89 mortgage.
Lessons learned? Challenges?
Forecast longer time lines for major Renovations down to the studs and budget extra expenses. Always pick location first and then I make sure that any property I buy that I would personally live in. I figure this way that I can get the highest market rents and eliminate vacancies which I have been successful over the past +7 years self-managing long distance from +3 time zones away!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes - Me, Myself & I!
Great story. The house looks great!
@Jared Smith way to go Jared!
Glad to hear it is working out for you! congrats and continued success!
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