Small multi-family (2-4 units) buy & hold investment in Amherst.
Purchase price: $100,000
Cash invested: $40,000
side-by-side duplex. 2250 total sfla. 3bedrooms and 1.5 baths each unit. annual gross rent $26,400. Cash flow $675/mo. ROI 25%
How did you finance this deal?
Conventional fixed 15 year mort ~3% int.
How did you add value to the deal?
pd about 20 k under mkt. because mother-in-law owned it but moved out of state and couldn't manage it.
i remodelled both kitchens which were tiny but there were large dining rooms. i removed separating wall of 7x10 kitchen and made large eat-in -kitchens
What was the outcome?
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
we didnt have any realtors.
Congrats John! Looking at purchasing my first duplex as well :)
Good luck Sam. I also have a single family rental.
My ex told me about a lady at her church who's mother passed away and left her older home to the 2 children, neither of which wanted to deal with the old house. I picked it up for $45.5k. Nice condition in a good nbhd. I did small rehab for 10K. I cashed in a small pension for 55K. and paid cash.
The only mistake I made was due to the timing. I rec'd the pension money in November but seller was unable to close until January. All the expenses were not in the same year that I rec'd the pension money. I ended up owing a lot to the IRS for the year I rec'd the pension.
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