Updated about 7 years ago on . Most recent reply
First Multi-Family Investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $117,000
Cash invested: $15,000
First multi-family investment. 2 family home
What made you interested in investing in this type of deal?
Foreclosure sale, needed a lot of work, like the area, good cash flow
How did you find this deal and how did you negotiate it?
REO, online auction
How did you finance this deal?
conventional 30 yr loan along with some of my own cash and private loans from friends/family
How did you add value to the deal?
updated both kitchens, 2 bathrooms, flooring, paint,
What was the outcome?
cash flowing almost $600 a month!!
Lessons learned? Challenges?
Should have refinanced sooner and I should have got a plumber in there as soon as I bought it. I ended up having to open up walls to get access to plumbing after we had painted
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, I hold my RE license
Most Popular Reply
Great job on this project! Nice numbers, you just need to rinse and repeat and you'll be good to go. Can you share a bit about your refinancing experience? Did you have the refinancing lined up ahead of time? Why do you say you should have refinanced sooner? What was the value after rehab? Were you able to pull out all of your original invested cash? Thank you for sharing all of these nitty gritty details are great for people learning along with you :)