1st Real Estate Purchase; Secured 5 for 4
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Oakland.
Purchase price: $1,228,800
Cash invested: $45,000
4 unit with a bonus 5th unit (finished basement with 2 bedrooms, 1 bath, and complete kitchen). Owner occupied. After renting all units including basement, netted $1,700. Purchased the property with no money down using the NACA program. Used savings towards a full renovation as opposed to the down payment.
What made you interested in investing in this type of deal?
Wanted my 1st property to be a 4 unit so I could maximize the ROI in First Time Home buyer programs.
How did you find this deal and how did you negotiate it?
Found the deal on the MLS....Redfin
How did you finance this deal?
Used the NACA program. No downpayment. 3.25% interest rate.
How did you add value to the deal?
Renovated 4 out of 5 units.
What was the outcome?
Rented out apartments after renovation. Will Buy and Hold as owner occupied property.
Most Popular Reply
Congratulations! Love this! Not a day goes by that I don't wish small multifamily properties were a viable investment strategy in Las Vegas.