Updated about 5 years ago on .
Multi Family Property#1
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Raytown.
Purchase price: $145,000
Cash invested: $36,250
First Purchased property - duplex
What made you interested in investing in this type of deal?
Being that it was my first property it was attractive that the homes already had long term tenants in place.
How did you find this deal and how did you negotiate it?
Found on the MLS by my Agent.
How did you finance this deal?
Conventional Financing with 25% down. Rate was 5.125%.
Home has been refinanced in March 2021 at 3.375%, increasing cash flow approx $200 a month. The appraisal for the refinance also valued the homes at $166,000 which was a 20K increase in equity in 18 months from purchase.
How did you add value to the deal?
Made upgrades to the home based on inspection issues with electrical, wood rot etc.
What was the outcome?
Steady cash flow, good tenants, homes will need to be rehabbed in a couple of years to upgrade finishes and rents.
