Updated over 5 years ago on . Most recent reply
Third investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $70,000
This was an off market deal that I found from a connection at work. The owner of the property was my electricians sister and we connected really quickly and within a month the property was purchased. I plan on keeping it as a buy and hold type investment and installing central air and re-doing the siding on the property at some point.
What made you interested in investing in this type of deal?
Was a really good buy and hold investment property, which are the types of deals I am looking for.
How did you find this deal and how did you negotiate it?
I found it from speaking with my electrician. It was his sisters, and we emailed back and fourth to come to a price.
How did you finance this deal?
I financed this with a conventional bank loan. 25% down
How did you add value to the deal?
The rents that are in place are about $100 less than what the market asks for. Raising rents will add value, as well as I plan on to install central air and to replace a few old windows on the building.
