Updated almost 5 years ago on . Most recent reply
Second investment, out of state
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Boardman.
Purchase price: $100,000
Cash invested: $26,000
Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.
What made you interested in investing in this type of deal?
Value add, cashflow
How did you find this deal and how did you negotiate it?
My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.
How did you finance this deal?
Conventional 20% down
How did you add value to the deal?
updated units as tenants moved out.
What was the outcome?
Cashflows and appreciates every year
Lessons learned? Challenges?
It snows a lot in Ohio
Interview A LOT of PMs before making your choice
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Steel valley PM treats us well.