1st Purchased Multifamily Investment Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $311,000
Cash invested: $77,750
2/2 and 1 car garage with backyard on each side of duplex.
What made you interested in investing in this type of deal?
I've always wanted to invest in a multi family and this was close to where I live and the numbers worked for me.
How did you find this deal and how did you negotiate it?
My local agent brought it to my attention.
How did you finance this deal?
I used my life insurance policy to fund the down payment and then financed the remaining through my bank.
How did you add value to the deal?
The property was in good shape. I did add insulation to the attic and had the dryer vent ducting cleaned to prevent safety issues and to provide a better experience for the tenants utility bill and drying of their clothes. I also added rain gutters to the front of the property near their front doors as I noticed lots of residual splash from heavy rains. They appreciated the ability to go through their front doors without getting drenched with water.
What was the outcome?
Happy tenants.
Lessons learned? Challenges?
I would like to have a list of items for the tenant to keep up on or have them report back to me every quarter or every 6 months so I can keep up with any maintenance item.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes Ben Holmes was my agent in Granbury. I highly recommend him.