First investment property (Quadplex)

[Chris Omlor]

Investment Info:

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

Purchase price: $125,500
Cash invested: $30,497

This was our first investment property (quadplex) found on MLS, tenant occupied and no repairs needed. Learned on this one the importance of utility bills for landlord vs tenant responsibility, although we have a decent cash flow with 20% Cap-Ex and Maintenance savings we will need to raise rents to a healthier cash flow once the leases expire.

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

Found this deal on MLS and negotiated with the owner. The original offer was $15K below asking and negotiated to $9,500 below asking.

How did you finance this deal?

25% down, 30-year conventional loan at 3.5%