Small multi-family (2-4 units) buy & hold investment in Siloam Spgs.
Purchase price: $298,000
Cash invested: $298,000
What made you interested in investing in this type of deal?
Searching for something close to 1% rule and landed in AR. We thought the fact that it was an old warehouse downtown on a creek made it really attractive to us.
How did you find this deal and how did you negotiate it?
Brian found it online. It was a for sale by owner. Talked to owner directly and worked it all out.
How did you finance this deal?
Took a heloc on my CA home to pay cash for it. Hard to get a loan on it since no equivalent comps.
What was the outcome?
Closed October 1. Plan to paint it and fix up as renters move out.
Lessons learned? Challenges?
Just take the leap. I almost didn’t buy it but Brian kept showing me the numbers and reaching out to people. Talked to lots of people: engineering firm, city planners, insurance agents, local college student until I felt comfortable. Similar loft just sold for nearly double what I paid. Grateful we acted when we did.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Congrats on the investment. The first lead is the hardest. But should be well worth it.
Way to go, congrats @Regan Moore !
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