Quad plex rehab buy and hold

[Jay Shires]

Investment Info:

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

Purchase price: $100,000
Cash invested: $60,000

4 plex bought from around 100000. We have replaced all the windows. Refinished hardwoods. Painted everything. Updated kitchen and baths. Rented currently 950/1000

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

Small multi family at a low price

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

My brother was living in another apartment this seller owned. Bought the 5 plex he was living in, this 4 plex and the duplex next door

How did you finance this deal?

Traditional 20% down

How did you add value to the deal?

Needed tons of rehab. 100+ year old home. Now that rehabbed it cash flows great with great tenants.

What was the outcome?

Currently renting for 950 for upstairs apartments and 1000 downstairs.

Lessons learned? Challenges?

Old homes always come with tons of repairs.

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

Would recommend my agent and lender. Let me know if working in west tennessee