Updated almost 3 years ago on .
7 units bundled together to get a better price. Willard Ohio
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $277,500
Bought 2 Duplexes & 1 Triplex from an investment fund through the MLS.
All units were currently rented. 6 Section 8 tenants.
Most units are under market rent and will be raised to current rents over a period of time.
Most of the units are in need of some repair due to deferred maintenance.
What made you interested in investing in this type of deal?
Cash flow. Rents are in the process of being raised to a gross monthly rent of $4,000 / month. After cleaning up the properties, the rents can be raised further.
How did you find this deal and how did you negotiate it?
On the MLS. Since I was buying multiple properties, I offered a lower price. Eventually we agreed to the final sale price.
How did you finance this deal?
MLS
How did you add value to the deal?
Taking care of deferred maintenance.
What was the outcome?
A successful 1st year. 8% cash on cash return and continuing to raise rents.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Christina Roberto- Realtor- Keller Williams Legacy Group Realty. Ashland, OH