Multifamily property with shop

[Angi Kruse]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $161,000
Cash invested: $161,000

3 unit property, potentially rent out shop.

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

I had sold the only rental property that I had for over 10years and was not looking for another. Not in the investment mindset but it had a shop which we needed and would cash flow from day one.

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

Realtor reached out to us knowing our needs with the shop.

How did you finance this deal?

Promissory note with my personal bank

How did you add value to the deal?

We have put a new roof on from day one, rehabbed the basement apartment kitchen and flooring plus legal egress window. Also recently added washer/dryer to upstairs unit, updated some electrical and bathroom fixture refinished wood floors in upstairs apartment.

What was the outcome?

Still own and it continues to grow value, have used equity to purchase two more properties

Lessons learned? Challenges?

Be picky about your tenants and have consistent boundaries with rent payment