All Forum Posts by: Chris DuPaul

Thanks Ryan! Indeed, seeing what others don't or can't is also a good thing! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $220,000

Cash invested: $12,000

This property has provided great returns over the years using the house hack strategy. Admittedly we didn't know of the house hack at the time of this deal. We initially offered on the property when it hit the market but the seller refused and the agent stated they were getting to much activity to sell for the 10k below ask price we were offering. Several months later we saw that the home was still on the market so we went back to the agent and stated our original offer still stands if the seller wanted to reconsider. She did and we ended up getting it for our ask (10k under ask with 6k in seller paid closing costs). It appraised at the list price which came as no surprise and we have a decent handle on pricing in the area. Including down payment and reno costs, we were into it for ~12k at the time of purchase. It was occupied by a tenant who was using it as a single fam, and to be kindm they had a lot of "items" with the possible exception of a dustpan and broom... That must have scared other folks away but I could tell the building had good bones and we'd be able to make it shine. The units didn't need a ton of work and we ended up replacing some fixtures, painting the walls, and refinishing the hardwood floors. We were able to get all that done and have the unit rented before our first mortgage payment was due. Hey this landlord stuff is easy! JK. We've been blessed with good tenants, though we do have a pretty stringent screening process. All in all this property has an incredible rate of return based on our acquisition costs and should continue to provide a solid stream of income for the future.

What made you interested in investing in this type of deal?

Just looking for a new place to live and lower the monthly burn rate.

How did you find this deal and how did you negotiate it?

MLS listing

How did you finance this deal?

FHA

How did you add value to the deal?

Minor renovation costs.

What was the outcome?

Great long-term rental.

Lessons learned? Challenges?

Don't give up on a deal even after getting a 'no' from the seller the first time around.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Self-represented.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $260,000
Cash invested: $60,000

We initially saw it when it first listed but passed on it as we weren't in love with the area in town although we didn't hate it either. It was still available two months later so we decided to take a look. It was actually quite nice and didn't need a ton of work. We were able to get it for 20k less than ask and were happy with the deal (if I could buy 10 more at this price these days I'd be psyched). The layout is terrific and it has been a great income producer over the years.

What made you interested in investing in this type of deal?

Nice, manageable multi-family property.

How did you find this deal and how did you negotiate it?

MLS listing. We offered a fair price and scooped it up, albeit 20k below ask.

How did you finance this deal?

Conventional loan with 20% down.

How did you add value to the deal?

Did some renovations to the units incl. refinish hardwood floors, new appliances, new cabinets & countertops. Exterior landscaping was done as well.

What was the outcome?

We made the unit very nice to attract quality tenants and have had great luck with the ones we've gotten.

Lessons learned? Challenges?

Put good in, get good out.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Self-represented :^) .