Updated 1 day ago on . Most recent reply
1st Buy & Hold
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $166,000
Cash invested: $25,000
Sale price: $350,000
Small SFR that I converted into a two-unit (up/down). Held for just over 3 years, collecting rent from two tenant groups. Sold to a fellow agent to reinvest.
What made you interested in investing in this type of deal?
Another FSBO that caught my eye.
How did you find this deal and how did you negotiate it?
Walked past. It was one block from my current project.
How did you finance this deal?
Seller financing for two years, then bought out with an FHA loan.
How did you add value to the deal?
Sweat equity.
What was the outcome?
Great cashflow for years. Great buy out ultimately affording new investment opportunities.
Lessons learned? Challenges?
Screen tenants! Communicate often.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a real estate professional.