My 1st Multi-Family Property at 21 years old!!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Cleveland.
Purchase price: $55,000
Cash invested: $30,000
One day I woke up late for work and I thought to myself, I do not want to work for someone for the rest of my life. I watched a couple videos on cash flow rentals. That day I decided I wanted to buy my first cash flow investment home.
What made you interested in investing in this type of deal?
I knew the area very good, the neighborhood has great potential to sell the home one day and receive what I paid and invested back.
How did you find this deal and how did you negotiate it?
I found this deal online reached out to my realtor and began the process to purchase the home.
How did you finance this deal?
I obtained a conventional loan to purchase this property.
How did you add value to the deal?
I have remodeled the entire home since it was in bad shape. (electrical, plumbing, painting, adding two bedrooms, etc)
Also added a privacy fence and a deck.
What was the outcome?
Charging a good amount of rent every month. Easy leasing, great tenants!
Lessons learned? Challenges?
Cashflow is amazing!! Things seem hard at first but in the long run they are worth the hard work that you put in!