College rental in Utah
Investment Info:
Small multi-family (2-4 units) hard money loan investment.
Purchase price: $243,000
Cash invested: $40,000
We bought this unit in the town or children were going to college in, to give them a cheaper place to live and make enough money to cover the mortgage also.
What made you interested in investing in this type of deal?
Having a decent place for our kids to live, and getting a property the will add to our retirement income.
How did you find this deal and how did you negotiate it?
We worked with a real estate agent. There wasn’t really any negotiation, the market was moving fast, we offered the asking price. The house was only in the market three days.
How did you finance this deal?
Getting a conventional loan from a bank.
How did you add value to the deal?
We converted an empty room into another bedroom
What was the outcome?
We have a good rental, still making money for us.
Lessons learned? Challenges?
Challenge- learning how to work with a manager