Updated over 2 years ago on . Most recent reply
First Multi-Family Investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $265,000
Cash invested: $34,000
Duplex purchased in outskirts and new development area of La Feria, TX. So new that address is still not quite on the map but all multi-family homes are selling fast in this area for the people moving into Rio Grande Valley.
What made you interested in investing in this type of deal?
Greater investment opportunity to do a hybrid of LTR and STR (AirBnB) on a brand new property.
How did you find this deal and how did you negotiate it?
Found it through a former Marine friend who's retired and now is a realtor in the Rio Grande area.
How did you finance this deal?
Via a friend, also former Marine, who works with Federal Savings Bank.
Lessons learned? Challenges?
Avoid closing around holidays, ensure insurance information is being worked thoroughly to not delay closing dates, ensure builder is submitting all appropriate documents to city and state, and ensure that seller transfers utility services to avoid delays. Still have an on-going challenge with seller's agent not posting the property as "sold" which is preventing from listing as a rental.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. Mike Hernandez with Keller Williams Realty.
