First OOS Investment

[Nick Shriner]

Investment Info:

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

Purchase price: $415,000
Cash invested: $63,000

This is our first out of state investment. It is 2 duplexes on one lot making it a small multifamily investment for us.

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

Small Multi-family is perfect for what we are looking for at the moment

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

Sent to me by a local agent. Unfortunately, not a lot of negotiating given the current sellers' market and multiple other offers

How did you finance this deal?

Conventional loan with 20% down

How did you add value to the deal?

raised below market rent and will update exterior of property

What was the outcome?

Just over $1300/month in net cash flow

Lessons learned? Challenges?

Because I had been running multiple deals daily, I knew this was a great one right when it came on the market. Be prepared!
Being out of state we relied heavily on our Realtor. Having your team in place is crucial to investing in another state.

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

Lee Ripma was our agent and couldn't recommend her enough.