Updated 12 days ago on .
Bypass the analysis paralysis
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Recently obtained a small multifamily duplex and was able to successfully negotiate the vacant lot next-door along with the deal after three years of analyzing deals, reading books doing webinars and figuring out what I wanna do and how I wanna do it. I finally was able to break free from the analysis paralysis And take the plunge.
What made you interested in investing in this type of deal?
My goals are focused around buying and hold specifically small multifamily for now. And as far as my buyback goes, this fit the criteria that I was looking for not to mention being able to add in a piece of vacant land to potentially build on or sell to recoup Some of my initial investment. That made the deal even better.
How did you find this deal and how did you negotiate it?
I actually found this deal on Zillow for realtor.com whichever one. I reached out to several realtors to gauge their willingness to negotiate on my behalf and offer below. Ask for the combined deal and nobody really wanted to participate. I kept getting met with objections from realtors that are supposed to be on my side, which was extremely frustrating.
How did you finance this deal?
I financed this deal through a DSCR loan
How did you add value to the deal?
No value at needed at this time, but will continue to monitor to see if there’s different things I can do to enhance rent that will pay off in the near term.
Lessons learned? Challenges?
I learned that you really need investor, friendly agents that have their own rental portfolio and understand the fact that they asking price although it might be great if I were to buy it for my own house it’s not always going to be conducive to cash flow and it doesn’t really matter what somebody feels about your offerWhat matters to me as the investor is can I make money on it based off market rent and if somebody’s asking way too much, that’s not my problem. Respectfully.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, unfortunately not they’re great. People don’t give me wrong very nice super kind, but not investor friendly from my point of view.