My First Large Multi-family Residence
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $265,000
Cash invested: $73,000
This Property is a 9 Unit row home style property, being mostly government subsidised housing it a very secure and cash flowing property.
What made you interested in investing in this type of deal?
I have always geared my investing towards MFR with a buy and hold approach. This property put a huge dent in my goal of purchasing 10 doors this year.
How did you find this deal and how did you negotiate it?
This was an MLS deal that went south and was put back on the market for a second time. I felt the asking price was very fair and knowing the interest this property would gather I chose to offer asking price.
How did you finance this deal?
This deal was financed through a 20 year commercial loan.
How did you add value to the deal?
This property is rather turn key, Knowing there will be future renovations as many long term tenants move out. I plan to renovate at that time in order to increase property values.
Lessons learned? Challenges?
Purchasing this property during the covid pandemic created many problems. However this put me out of my comfort zone and made me realise you can achieve many things if you are forced to and don't give up.
