First Multi-family Investment in Chicago
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Chicago.
Purchase price: $595,000
I read all about the first deal and how challenging the first deal could be and I wonder even now if that me knowing how challenging it could have been made it as challenging as it was... I'll never know but what I do know is in this market 2 to 4 flat multi-family homes are extremely inflated and very difficult to find a good deal. I searched for almost 2 years before finding this property and had offers on several other properties in the time frame in between.
What made you interested in investing in this type of deal?
Cash flow, wanting to get my first deal under my belt.
How did you find this deal and how did you negotiate it?
It took me almost two years to find this deal and I negotiated it myself
How did you finance this deal?
203k renovation loan
How did you add value to the deal?
Renovation of the property
What was the outcome?
Outcome is still ongoing but is looking very strong!
Lessons learned? Challenges?
I learned that sometimes to get that first deal under your belt really is truly the most difficult part. You name the challenge I can probably let you know I had it.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I utilized my own services as a Licensed agent, and I can tell you right off the bat: hindsight 20/20!! it would have been the BEST idea in the world to have had another agent do this for me regardless of the fact I'm an agent myself... while I loved all the learning and figuring everything out, how to analyze my own properties, doing my own due diligence, finding the right people, figuring out the marketplace; My life and career in real estate took a backseat. GET AN AGENT THAT GETS IT!!
