San Diego Successes - First Time Investors close on 4-Plex!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in San Diego.
Purchase price: $712,000
Contributors:
Spencer Gerber
As first time landlords, Spencer and Kristie will continue to reap the benefits of this long term investment for years to come through cash flow and appreciation.
Comprising of (four) one bedroom / one bath units + a bonus 1,000sqft storage container, gated separately.
The property was already in good condition, with a little elbow grease, they have an easy asset to maintain.
They were great clients to work with and I was happy to help them secure themselves a financially fruitful future!
What made you interested in investing in this type of deal?
Kristie and Spencer would have to answer this one :) but I think it was something along the lines of a financially fruitful future....
How did you find this deal and how did you negotiate it?
Spencer and Kristie reached out to me and my team on Bigger Pockets, they had done most of the ground work and research prior to contacting me so by the time we met we honed in on some great opportunities that would work for them and executed on the best one for a successful close!
How did you finance this deal?
Conventional financing.
How did you add value to the deal?
There was a 1,000sqft storage unit in the back that added for extra monthly cash flow. Since it was gated separately than the 4 units, it made it rent easily. There is additional shed type structure that they can eventually add on-site laundry to, space in the back to add parking spaces or rent for additional cash flow.
What was the outcome?
We had a successful, 40 day close!
Lessons learned? Challenges?
Its great to utilize friends in the industry, their lender was a friend of theirs and gave them a great rate.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I personally have a lot of great resources in the industry, lenders for 2-4 and 5+, contractors, property managers, etc. that I would be happy to share!
