All Forum Posts by: Gbenga Ige

New to this community and looking to build larger portfolio of real estate apartments. At the moment more thinking about multi-family because of the scale that gives but also open to other type deals as they come up. Also open to land (for development), commercial real estate, etc. Happy to also partner. In the Washington DC area but also open to areas outside of there.

Investment Info:

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

Purchase price: $400,000
Cash invested: $100,000

Convinced the wife to buy this multi-family unit after going through a few rounds of selling (vs holding) homes that we lives in. The transaction was relatively simple. There was some negotiation but mainly around repairs that were needed to be made. The owner was an older lady who wanted to cash out her equity.

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

One key item where I think real estate scales (might also increase risk) is to have them in the same area. This was about 20 mins from where we live and since to city of Laurel is primarily a rental (vs owner) concentrated city, getting tenants would not have been too much of a hassle

How did you finance this deal?

Conventional

How did you add value to the deal?

After purchase, did some renovation on the property. I focused renovation on what could be done to preventatively to reduce maintenance when the unit is rented.

What was the outcome?

Rental is going. Since it is an older home there have been repairs here and there but overall

Lessons learned? Challenges?

Cash-flow is challenging given the repairs