4 Plex in Albuquerque's NE Heights!

[Shane Dolinski]

Investment Info:

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

Purchase price: $515,000
Cash invested: $115,000

4 Plex purchase. It is in an area I am interested in and saw potential for growth. It escalated about the asking price of $500 to $520. It would have gone higher, but as an investing realtor, I built rapport with the listing agent and offerred to help walk him through the process, as this was his first Multi Family sale...I think that helped!

Raised rents in every unit immediately (gave them 45 days notice). Also told them they would be paying for utilities as the current landlord did not. Lost a tenant, but remodeled the unit and had it rented out at a higher price before the reno was complete.

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

I really like this area, it is close to my home, and it was under market value in rents

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

An investor that has done several deals with me, asked if I would like to partner up. I said yes in a heartbeat!

How did you finance this deal?

Conventional through a lender who I will not recommend

How did you add value to the deal?

We immediately increased in all units and made the tenants pay for all utilities.

Remodeled one unit after a tenant left and rented out quickly for more than the others...

What was the outcome?

Veyr happy with this investment and ROI is good already

Lessons learned? Challenges?

The most challenging with this deal was the lender. They were bad communicators, we had to delay closing bc of thier underwriting.

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

ME! lol