Updated about 5 years ago on . Most recent reply
- Rental Property Investor / Director of Business Development
- Miami, FL
- 21
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Most Recent Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Miami.
Purchase price: $235,000
Cash invested: $10,000
Tri-plex, all separate meters, no house electric. Separate yards - duplex and single standing unit.
What made you interested in investing in this type of deal?
The fact that it was priced well, each unit has separate water meters, and there is no house electric making overhead low.
How did you find this deal and how did you negotiate it?
Listing on the MLS. Came into the deal without a broker, and put commissions back into the deal. Would have offered listing agent the commission if needed to get the deal done. Also got a credit for $5,000 for a unit that was not up to par.
How did you finance this deal?
Paid cash.
How did you add value to the deal?
Paint on the outside, and got a tenant in at $1,300/mo from Section 8.
Lessons learned? Challenges?
Have an old tenant that has recently stopped paying. Lost access to bank acct.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
N/A