First Multifamily purchase is a Five Unit

[William Bucklin]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $289,500
Cash invested: $47,500

I managed this property for about a year and a half and purchased the property from the owner as an owner financed deal. I partnered with my parents. They currently live in one unit and we rent 4 to the existing tenants

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

I’m interested really in the appreciation of the property itself. It also used to be a tavern and Alexander Graham Bell (inventor of the telephone) was once a guest. So the history buff in me was satisfied with this deal as well.

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

I managed the property for a little over a year and showed the owner that I could take it on.

How did you finance this deal?

Owner Finance

How did you add value to the deal?

Today is day one

What was the outcome?

We will see.

Lessons learned? Challenges?

Biggest challenge was getting the down payment together which took a bit of doing.

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

Not this time.