3 One bedroom apartments, one efficiency

[Chris Good]

Investment Info:

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

Purchase price: $111,000
Cash invested: $40,000

3 One Bedroom apartments, one efficiency

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

Next to a building I already owned. Value add

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

I bought it from the same gentleman that I bought 269 Chestnut St from. I stayed in touch with him after the purchase of 269 Chestnut St and when he was ready to sell this one, he contacted me.

How did you finance this deal?

I borrowed 60K from a hard money lender, and negotiated seller financing interest free for the reminding 55K for an 8 year rent free lease to the seller.

How did you add value to the deal?

Added mini split systems to 3 of the apartments, update the efficiency, painted the Exterior.

What was the outcome?

I was able to refinance all my money out while leaving the seller financing in place.