Small Multi-family Unit. First time invester.
Investment Info:
Small multi-family (2-4 units) note investment investment.
Purchase price: $145,000
Cash invested: $29,000
Pier and Beam Duplex built in 1950 with brick veneer. 2br 1bath on each side.
What made you interested in investing in this type of deal?
Seller was offering owner financing.
How did you find this deal and how did you negotiate it?
MLS. through a buyers agent. Seller was originally asking $179,900 and offered owner financing
How did you finance this deal?
Owner Financing
How did you add value to the deal?
Negotiated down from $179,900 for 15 yrs @ 6% to $145,000 for 20 yrs with 20% down.
Lessons learned? Challenges?
Let the option period expire without asking for repairs from the seller. My agent didn't guide me through the process as well as I think she should have as a first time buyer/invester.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.