Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 3 years ago,

User Stats

43
Posts
65
Votes
Tim Mieney
  • Investor
  • Rochester, NY
65
Votes |
43
Posts

My fourth investment property

Tim Mieney
  • Investor
  • Rochester, NY
Posted

Investment Info:

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

Purchase price: $125,000
Cash invested: $25,000

My fourth investment property, another quad. Purchased from a friend of a friend who was in a tough spot and needed quick cash. We inherited two vacant units, one that was down to the studs and one that needed cosmetic updates. The other two units were occupied with tenants paying way below market rent. We updated and rented both vacant units and as the other two units turned over we updated and re-rented those as well. All units are now updated, occupied and are at fair market rent.

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

The seller was a friend of a friend that needed quick cash so we were able to get the property way below market. The location is great too.

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

A friend of a friend. Negotiated by text over the course of a month.

How did you finance this deal?

Private lender and personal funds.

How did you add value to the deal?

We updated all units and rented at market rates.

What was the outcome?

Still operating with happy,paying tenants.

Lessons learned? Challenges?

Hire more professional service pros. We had a ton of problems with cheap contractors and have since formed new relationships with more quality craftsmen.

Loading replies...