Updated over 7 years ago on .
Dealing with $19 mill every year
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Tallahassee.
Purchase price: $35,000
Cash invested: $6,000
I have been trying to put this properties in an LLC and boy it has not been possible in my area. The mill property taxes is high $19. It is hard to have properties. Though I want to purchase more properties. According to experts it is all about going up the ladder with a partner.
What made you interested in investing in this type of deal?
I got a divorce. I lost the marital home to not being able to refinance. My job did not pay enough. I still had a family to take care of.
How did you find this deal and how did you negotiate it?
I found it in Trulia. I begged the owners to sell it to me to help me raise my daughter.
How did you finance this deal?
I had $6000 cash and a bank lent me the $27000 remaining. Today it is paid off.
How did you add value to the deal?
I added value to this deal buy get two additional loans and two more properties.
What was the outcome?
It has pushed the annual income to a lot higher than where I was when I started.
Lessons learned? Challenges?
I am still paying high taxes. I have not seen any gain yet since I had a high debt.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. I was looking for lawyer in my area but I have not found anyone interested to help.
