Updated 2 days ago on .
My first investment property! 4-unit MF in Cincinnati
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $327,000
Cash invested: $75,487
My first investment property! 4 unit brick building with all 2br 1 ba units in C+ area of Cincinnati called Bond Hill that is seeing some recent investment and is on the path to progress. Will be utilizing a "slow BRRRR" strategy to renovate building and units over the next 6 months - 1 year. Expected renovation costs of $40-$50K, which will allow me to get market rent of $1100-$1250/unit and expected monthly cash flow of $800-$900. Will likely do cash out refinance depending on market factors once updated to use towards next investment.
What made you interested in investing in this type of deal?
Interested in using my W2 income to purchase small-mid-size multi-family properties in Cincinnati, OH that have value add potential and receive a CoC return of at least 8% once renovated.
How did you find this deal and how did you negotiate it?
Found through my real estate agent and negotiated down from $350K to $327K + $8.5K seller credits.
How did you finance this deal?
Conventional financing, 25% down
How did you add value to the deal?
Planning to renovate outdated units, update plumbing, improve landscaping and curb appeal
What was the outcome?
Just closed, so will update this later ; )
Lessons learned? Challenges?
There were some challenges with the closing due to miscommunications with title companies and lender, but we were able to solve them and move forward
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent - Marco Fiore
Broker - Cassidy Corella