My first multi family. 4 unit in Columbus
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $382,000
Cash invested: $13,000
Contributors:
Remington Lyman
I bought this for a buy and hold. Years down the line if the property continues to rise then I will condo it off and buy other properties with the gains. The middle 2 units are airbnb and the outer units are section 8. I plan on renovating them after the covid virus to bring up value and rents.
What made you interested in investing in this type of deal?
long term possibilities and solid foundation for a portfolio
How did you find this deal and how did you negotiate it?
Remington my realtor found this deal and negotiated a way lower price and 5000 of closing andddd got it from individual parcels to 1 so I could buy it with an fha loan
How did you finance this deal?
fha through first ohio home. A man buy the name Chris Wharton and his assistant Kaitlin. Without these 2 I don't think i would have got financing
How did you add value to the deal?
put in property management. Going to get increased rent on section 8 next month. Well, hopefully
What was the outcome?
Greatttttttt
Lessons learned? Challenges?
Don't take a work call out of town with no service while trying to buy a house. Realtors and lenders are well worth the time and money.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
David Green often takes about Rockstars. Rockstar realitors. Rockstar lenders. I was lucky enough to find a set of rockstars. Remington negotiated a great deal for me and also provided access to lenders and property managers that I use and now have in place. Chris Wharton was work tirelessly to get my loan, called former employers, loan statements and got me a lower than expected interest rate. I know, without these 2 I wouldn't have made it