Our 4 family in Clifton New Jersey
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $260,000
Cash invested: $30,000
Our first purchase was a 4 Family Ranch Style House in Clifton. By using the FHA 203k Loan we completed a $150k renovation of 2 of the non functional units as well as the exterior of the house.
What made you interested in investing in this type of deal?
My Father.
How did you find this deal and how did you negotiate it?
The property had been family owned since 1949, if I couldn't buy it would have gone out of the family.
How did you finance this deal?
FHA 203k Renovation Loan
How did you add value to the deal?
We gutted everything to the studs, we added central air and forced hot air systems and created an all around luxury style of living.
What was the outcome?
By 26 we owned a profitable 4 family home, at 28 it covers it's own mortgage as well as a large ROI. A great start!