Cash out refi purchase to increase cash flow

[Corey Hanson]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $65,000
Cash invested: $65,000

Purchased with a cash out refi on my original primary.

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

I wanted to try investing in a market focused on cash flow vs appreciation. I have my original home that has since been converted to a rental that is in an appreciating market.

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

I found this through a wholesaler who purchased low and made it turnkey.

How did you finance this deal?

Cash out refi on previous primary

What was the outcome?

I'm currently holding this property. when purchased it was generating $550 per unit and now rents are 725 and 650 respectively.

Lessons learned? Challenges?

I think this was still a good purchase but I have become more selective with neighborhood/location of purchases.