Just closed on my first 4-plex ! Third rental property
Super excited about this deal.
paid 106.5k 2b/1ba 4 plex
did a 30 year at 5.125% for a payment of $435 with Taxes and insurance adding ~250/month.
The place had a total gut and rehab in 2011 including a new roof, floors, paint, HVAC, plumbing, etc.
3 tenants in there at below market rent of $475 each. Section8 goes to 650 so I am going to move over to that as they open up.
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Coming up on your 4th property any financing adjustments need to be made thought out now. I see a lot of investors overlook this. You're allowed 10 properties owned and fianced including your primary. The problem is you can only pull cash out owning and financing up to 4 properties so your 5th -10th property you won't be able to leverage your existing properties. The goal being to have one SFR and nine 4 units maximizing your loan allotment.
Sell anything less than 4 units, buy three 4 units, then cash out those to launch you into the 5th+ property.