A 4-Plex for my son's college fund.

3 Replies

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $310,000

This was a 4-plex just a few blocks from my house. I talked with the seller about buying it for over 2 years and he finally gave in. I am using it as my son's college fund. With 2.875% interest locked for 30 years I will be able to have enough principle paid down by the time he is 18 that we can refinance it to pay for his college or help him start a business, whichever he decides.

How did you add value to the deal?

With a new roof, siding and windows much of the cap ex was taken care of. But I am able to use my marketing/leasing and property management skills to keep it full at market rents and make it cash flow. You can have a great property but it is 1/2 vacant then it is not a performing asset. So I have filled it and am happy with the purchase.

Thank you both! Yes I was very pleased with the deal. If only it didn't take 2 years on convincing lol!

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