Multifamily Real Estate in Cleveland
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $110,000
Cash invested: $30,000
Multifamily property. Fully occupied. Looking to refinance in 3-6 months and then invest into another MFR.
What made you interested in investing in this type of deal?
Passive income.
How did you find this deal and how did you negotiate it?
Facebook. Negotiated through the seller.
How did you finance this deal?
DSCR loan.
How did you add value to the deal?
None yet.
What was the outcome?
Should refinance at 140% of purchase price.
Lessons learned? Challenges?
Learned how to manage conversations and creative financing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, recommend working with my lending broker Michael and real estate agent Victor.