First 2 family buy and hold
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $309,000
Cash invested: $29,000
Brick duplex in the Oakley neighborhood in Cincinnati, OH. Updated 1 bed and 3 bed units with off street parking.
What made you interested in investing in this type of deal?
Give me and my wife the opportunity to get an investment that would allow us to live for free.
How did you find this deal and how did you negotiate it?
We found this off market deal thru a business associate.
How did you finance this deal?
15/1 ARM
How did you add value to the deal?
The seller had recently updated the 3 bed 2 bath unit upstairs, so we updated the 1 bed 1 bath unit downstairs to live in and increase the overall value.
What was the outcome?
Currently getting top dollar in this market because of those renovations.
Lessons learned? Challenges?
Parking is important. Take advantage of Refi opportunities if needed. Finding good contractors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No agent since it was off market, and yes I'd recommend the lender. Ron Erdmann of Guaranteed Rate (Cincinnati).
