Purchase after retiring from the Army and moving back home
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $68,000
Cash invested: $376,000
This was our initial purchase in Cotter after retiring from the Army. We did a full remodel and ended up with 3 units (we stay upstairs) and rent the two lower units on vacation rental platforms. You can see more on www.potterblock.com
What made you interested in investing in this type of deal?
Saw the potential for growth in the town
How did you find this deal and how did you negotiate it?
found online and negotiated the sale price
How did you finance this deal?
cash purchase
How did you add value to the deal?
borrowed from a local bank and started a relationship with them.
Borrowed $378K and the house appraised at $425K as proposed
What was the outcome?
We live full time in the upstairs apartment and rent out the tow lower units on a regular basis
Lessons learned? Challenges?
Everything costs more than planned and takes longer, but relationships are priceless!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I built an awesome team for the build process and have continued to work with them, bringing them more deals, as well as my new properties as well.
