Updated almost 2 years ago on . Most recent reply
2nd multi unit investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $36,000
Cash invested: $10,000
Sale price: $90,000
2 Unit rental both with one bath and 1 full bedroom 1 walkthrough bedroom. Nice neighborhood
What made you interested in investing in this type of deal?
the price and it was turnkey
How did you find this deal and how did you negotiate it?
The bank that mortgaged our other investment property brought it to our attention, it was a foreclosure.
How did you finance this deal?
Investment/conventional Mortgage with a cash down payment
How did you add value to the deal?
Holding the house and we kept it in good repair
What was the outcome?
We sold, again management issues and we were out of state.
Lessons learned? Challenges?
Wish we didn't sell and just were able to put together a strong team.
Distance and time were big challenges.
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#3 Classifieds Contributor
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#3 Classifieds Contributor
- Real Estate Agent
- Metro Detroit
It always better to line up a great PMC before buying a rental!
- Michael Smythe
