Updated about 7 years ago on .
From "hosed" to "houses".
Investment Info:
Small multi-family (2-4 units) other investment in Prineville.
Purchase price: $239,000
Cash invested: $59,750
1800 s.f duplex, each with one car garage built in 1979. We painted interior, replaced blinds and installed flooring ourselves in one unit immediately since it was vacant and got it rented by the following monthFrom
What made you interested in investing in this type of deal?
Our good friend that owns rentals in california inspired us to use some cash that we inherited.
How did you find this deal and how did you negotiate it?
We called the agent randomly.
How did you finance this deal?
Traditional mortgage. But it wasn't easy because we have been self employed for over 30 years, owning a retail store in downtown Bend, OR.
Lessons learned? Challenges?
The challenge was mainly that we are self-employed and even showed a loss on the books because of a remodel we paid cash for at our store. We were turned down by 3 other lending institutions.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Century 21 and Guild Mortgage professionals made this happen against all of the odds.