4-Plex in Reidsville, NC

[Robert Phillips]

Investment Info:

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

Purchase price: $325,000
Cash invested: $89,400

Quad built in 1992. Bought off-market from the original owners. Building and units have been very well-maintained. Two 3/1s and two 2/1s.

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

Opportunity to grow from SFR to a small MFP. Reidsville is a strong renters market.

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

Lead provided by someone in my local REI network.

How did you finance this deal?

30 year conventional loan at 6.25%. 25% down payment.

How did you add value to the deal?

Removing popcorn ceilings and wallpaper. Fresh paint. Update bathrooms. Will switch from carpet to LVP in bottom units at turnover. May replace kitchen countertops.

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

Lender was Patrick Stoy at MC Mortgage Group. Awesome. I served as the buyer's agent since I'm an agent but I didn't take a commission.