Updated about 5 years ago on . Most recent reply
Small-multi family properties
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $450,000
Cash invested: $120,000
My first duplex, purchased October 2019, built in 1958, completely legal duplex, with new furnace and A/C installed by sellers prior to closing. Renovated downstairs bathroom, did cosmetic touch ups and rented lower unit. Currently living in the upper unit and performing kitchen and bathroom renovations.
What made you interested in investing in this type of deal?
Learning about multi-family properties through real estate professionals I know and online resources such as BiggerPockets.com
How did you find this deal and how did you negotiate it?
I found this deal on Craigslist
How did you finance this deal?
I used the profit and equity from my previous house to fund the downpayment for this deal.
How did you add value to the deal?
Upon purchase, I installed a brand new custom built shower in the lower unit, touched up all the paint in the lower unit and was able to find new tenants and bump up the rent in the lower unit. New furnace and A/C were installed prior to closing - a major cap ex - making the deal more valuable.
What was the outcome?
Property value has increased
Most Popular Reply
Mr Evans, if your make your payments on time for 24 months , generally the same loaning company will loan to you again, If you can start buying a property once a year, you will be a millionaire in no time and you will dig me up and hug me!!!!!
please vote and good luck man!!