Updated about 2 months ago on . Most recent reply
Small 4plex Big Returns!
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Harpswell.
Purchase price: $380,000
Cash invested: $12,000
4plex, 1bed/1bath units, 2 units with long term tenants and 2 furnished units with mid term tenants. This allows us to mitigate our vacancy rates and turnover costs while also capitalizing on the higher profit margins from mid term tenants.
What made you interested in investing in this type of deal?
The neighborhood, leverage of a 4plex, gaining experience
How did you find this deal and how did you negotiate it?
Found a great agent, narrowed my buy box and were patient
How did you finance this deal?
FHA
How did you add value to the deal?
Sweat equity, creativity, and great mentorship!
What was the outcome?
I'm hunting for a 2nd 4plex as well as private capital.
Lessons learned? Challenges?
Fighting fear and reactions to unexpected problems, difficult tenants, and the general unknown. Digging into my mindset and continuing to move forward.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, DM me!