5-Unit Multi-Family Investment

[Andrea Harwood]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $240,000
Cash invested: $60,000

This is an awesome 5-unit building directly across the street from the regional hospital. I rent it to travelling nurses. It is also a block from Downtown Glens Falls, which is a fun, cool little downtown area. This property is the one that made me hit my "Freedom Number".

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

The location, directly across from the hospital, is what I liked the most, as I intended to rent it exclusively to traveling nurses.

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

This was on the MLS. It was a standard "go look at it and make an offer" deal. The price was already very good and the numbers worked very well for me, plus the market was hot at the time - so I made a full-price offer.

How did you finance this deal?

Traditional financing through a bank with 25% down.

What was the outcome?

This is the property that allowed me to hit my "Freedom Number" at age 40!

Lessons learned? Challenges?

Lessons learned - I always think I can do a lot of work myself. In reality, it is a much better use of my time to hire someone else to do a lot of labor.