First Investment Property. 4 Units in Conneaut Lake.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $60,000
Cash invested: $15,000
4 units. Needs some TLC. completely renovating one apartment at a time.
What made you interested in investing in this type of deal?
I want to gain enough cash flow eventually to completely support myself and/or to build up my net worth.
How did you find this deal and how did you negotiate it?
MLS. My wife is a RE agent. I knew the owner just wanted rid of it so i gave a low offer and it was accepted.
How did you finance this deal?
conventional loan. Although it was hard to find a lender for the price point of this house.
How did you add value to the deal?
Put on a new roof. am fixing up each unit as the tenants move out. Rents were low in the first place so all rents are able to be raised.
What was the outcome?
can't wait to see.
Lessons learned? Challenges?
Do due diligence on the title, even if you hire a title company for that. The previous owner sold off acreage and did not disclose, and nobody realized until I asked for a copy of the deed at closing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Aubrey Steider, my wife, Is a newer agent but she is very professional and devoted to her job. Kash Mortgage was able to help me with financing the deal when no other lenders wanted such a small loan.
