Updated almost 4 years ago on .
Throw a dog a bone.
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Lowell.
Purchase price: $441,000
Cash invested: $1,500
All real estated out, living in a basement and needed a home for my son and I. I Bought an under fair market value 4-plex from a friend and used the city's lead loan program to repair exterior and make house lead compliant. Pro-forma, the building has the potential to bring in $2,400 a month in cash flow. Potentially more if I add some much needed square footage.
What made you interested in investing in this type of deal?
Beautiful opportunity to start over after a major hit in real estate.
How did you find this deal and how did you negotiate it?
A colleague of mine was retiring from our job and was selling off his investments. I decided to jump on the opportunity.
How did you finance this deal?
VA Loan with a "Subject to" close and $1,500 bucks.
How did you add value to the deal?
Made home lead complaint, renovated the worse unit in the building.
Lessons learned? Challenges?
You can push less than pristine homes through federally backed loans. Have a little faith, make the offer and the home will become yours eventually.
