Updated almost 3 years ago on . Most recent reply
First time multi-family investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $40,000
Cash invested: $65,000
I am doing a full renovation. New tuck pointing, brick work, roof, coping, drywall, joist, flooring, electric plumming, windows, doors, porch. Everything. This will be mid-term rental property, in area due for resurgence.
What made you interested in investing in this type of deal?
Has great potential. Up-coming neighborhood.
How did you find this deal and how did you negotiate it?
It was owned by the city
How did you finance this deal?
401K
How did you add value to the deal?
DYI work and worked with local vendors, contractors.
What was the outcome?
On-going but well on its way.
Lessons learned? Challenges?
Learned to ask for help and reputable contractors. Work hard to understand how to underwrite a property properly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None yet. I am ready to find a hard money lender once the first side of the 4 family is completed.