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.
This is awesomeAndrew! Congrats on your investment!
Congrats on the deal Andrew! Love this method for college savings, can't beat it when it cashflows!
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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