First Multi-Family Unit

[Ladd Hallows]

Investment Info:

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

Purchase price: $255,000
Cash invested: $100,000

A duplex that I used 1031 money to buy. 3-Bed 2-bath on each side.

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

I live in a very small town where multi-family units are rare but very sought after. They have always made the most sense to me, especially when someone is new to the real estate world.

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

On the MLS- We had to pay close to asking price because it has just come our of contract at the same amount.

How did you finance this deal?

Yes- conventional

How did you add value to the deal?

The one side has just recently been redone so their wasn't much to do.

What was the outcome?

I have held it as a rental for the past 3 years and it has been a great experience.

Lessons learned? Challenges?

Find tenants that want to be there. Don't beg them to come. They won't appreciate anything.