Updated over 2 years ago on . Most recent reply
My Fourth Rental Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $344,000
Cash invested: $75,000
4 Bedroom 2 Bath Main house .I will be adding a mini-split heating and air conditioning system.The garage conversion is a 1 bed 1 bath.Im adding a mini-split and stackable washer and dryer.
What made you interested in investing in this type of deal?
The garage unit made the deal.The main house pays the mortgage and the garage conversion is cash flow.
How did you find this deal and how did you negotiate it?
Looking at Zillow in my area...Made a above asking offer so they would pay some of the closing costs
How did you finance this deal?
Heloc down payment 20%..conventional loan at 7.875%
How did you add value to the deal?
strong offer ..pre approval..great realtor
What was the outcome?
right now i'm screening tenants..my contractors are getting everything together.
Lessons learned? Challenges?
stay on top of everything....mind your business
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Amy Mace Sothebys Kennewick,Wa.
