Updated about 5 years ago on . Most recent reply
Duplex in Kansas City, MO
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Grandview.
Purchase price: $147,000
Cash invested: $32,000
Newest addition to my portfolio! This one is a duplex.
Financed this one with the Credit Union that worked with me on the last deal. Loving how easy it is to work with portfolio lenders once experience is proven.
What made you interested in investing in this type of deal?
I absolutely LOVE multi-family. This one aligns with the rest of my portfolio in KC. I want to scale bigger but the downpayments get to be difficult even with a relatively large savings rate of $7k+ per month.
How did you find this deal and how did you negotiate it?
I found this one on the MLS. Offer full list price with an escalation clause because I knew there would be competition. Got it under contract $12,500 higher than the list price, then negotiated the price down by an additional $5,500 after inspections.
How did you finance this deal?
Portfolio lender. Used savings for a 20% downpayment
How did you add value to the deal?
N/A at this point. Just closed yesterday.
What was the outcome?
Roughly 400-500 per month cash flow.
Lessons learned? Challenges?
Escalation clauses are incredible in a hot market! Get it under contract and negotiate after inspections!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Kara Knisely has worked with me on every purchase I have made in the KC area. She is wonderful!
www.thekniselyteam.com
