Updated about 2 months ago on . Most recent reply
Looking to grow as an investor
Investment Info:
Small multi-family (2-4 units) note investment investment in Ashtabula.
Purchase price: $75,000
Cash invested: $21,400
Sale price: $130,000
1. 3700 SQUARE FOOT DUPLEX. 4/1.5 AND 4/2.
2. 3 single family homes.
What made you interested in investing in this type of deal?
The same two reasons i would guess everyone here has. Helping families and building a legacy to hand down to the next generation.
How did you find this deal and how did you negotiate it?
Investment broker brought the 3 SFHs to me. We accidently fell into the Duplex.
How did you finance this deal?
Conventionally
How did you add value to the deal?
We buy properties that need 25 to 50% rehab
What was the outcome?
The last one is finishing up the city inspection. All have tenants and are profitable over the 1% rule
Lessons learned? Challenges?
Find a good contractor, we went thru 3
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Phil Harford Property Management, great guy and very knowledgeable