Updated about 3 years ago on .
First Small Multi Family
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $660,000
Cash invested: $207,000
3bed 2.5 bath with a 1bed 1 bath Granny over the garage
What made you interested in investing in this type of deal?
Cash flow.
How did you find this deal and how did you negotiate it?
I was in contract for a house down the street. When driving to that house I saw a for sale sign being put in this houses yard. I new exactly the floor plan and units this one had and immediately called my agent. He was able to get us into contract on this house the next day. We were still in our inspection period on the other place so could easily back out.
How did you finance this deal?
Traditional investor loan %25 down.
How did you add value to the deal?
New flooring, fixtures, and appliances throughout the main house. The Granny unit we completely remodeled, new cabinets & counters, complete new bathroom, new floors, new appliances.
What was the outcome?
Great cashflow with very little maintenance and headache. When we do have turnover we get many qualified inquiries.