Just Closed - Adjacent Property

[Richard Libutti]

Investment Info:

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

Purchase price: $435,000

Just closed on the neighboring property to my 1st 4 unit -- making it 8 units in the same location! This took a long time. Prior owner passed away, and I was able to buy from the son and his agent.

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

The deal was adjacent to a current 4-plex that I own -- makes things easier for operations and better for lowering expenses (Trash - 1 dumpster instead of two), cap. improvements, etc.

Impact on the block and appreciation.

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

Was listed, I reached out to Seller and agent directly, offered both sides of the deal to agent. I assured them I was the right buyer.

How did you finance this deal?

Cash Closing -- No financing

How did you add value to the deal?

Cleaning up two units -- will resurface the parking lot and add landscaping to finish off outside.