First Multifamily Purchase

[Jeremy Host]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $315,000
Cash invested: $68,000

Up/Down duplex with 3br/1ba in each unit locating in Saint Paul, MN. Minor cosmetic updates needed to prepare for making available to Section 8 tenants. We have the option to do more extensive cosmetic rehab to go to open market if necessary.

What made you interested in investing in this type of deal?

We have been targeting fix/flips, BRRRRs, and small multifamily for about a year and half with a more recent focus on small multifamily to expand our portfolio.

How did you find this deal and how did you negotiate it?

We found it through our realtor on the MLS, we were able to negotiate the agreement down due to the slowing market, the time of year, and the previous owner's motivation to offload a vacant property.

How did you finance this deal?

Commercial loan through a local lender