My fourth investment property

[Tim Mieney]

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.

[Andrew Freed]

@Andrew Syrios - Great to see you on here. I actually attended your due diligence class at the last BP Con in New Orleans. You had some amazing content. Do you make content on other social media platforms? I'd definitely like to check it out.