Small multi-family (2-4 units) buy & hold investment.
Purchase price: $700,000
Cash invested: $14,000
My first multifamily! Duplex: 3 bed/1 bath upstairs, 1 bed/1 bath downstairs. Needs to be renovated; comps support a decent upside. Interested in learning how to fund a rehab!
What made you interested in investing in this type of deal?
Two reasons: 1) multifamily is arguably more a profitable investment than a SFH, and 2) this is C-level asset in a B-class neighborhood. Great potential!
How did you find this deal and how did you negotiate it?
Broker brought the deal to me.
How did you finance this deal?
Bank financing using the VA loan. My second VA loan purchase.
How did you add value to the deal?
I would like to rehab the kitchens and bathrooms, raise the rent, move in renters, and refinance. Then repeat!
What was the outcome?
We'll see! Still holding.
Lessons learned? Challenges?
I learned to get a HELOC on my primary property BEFORE purchasing a second property; most lenders do not allow opening a line of credit on an investment property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Nicely done @Joshua J Cawthorn ! Keep rolling!
Great job @Joshua J Cawthorn , amazing that you purchased this property with such a high price with little money down using the VA loan. Keep it up!
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