Multifamily Investments and more

[Justin Montgomery]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $850,000

We purchased a 14-unit multi-family property (duplexes) in October 2021 for $850,000. This started us on our real estate journey. After a tenant moved out of a unit we turned it into an short term rental that brings in 2-3x more income monthly for the unit than that of a long term renter.

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

It was too good to pass up and had a lot of potential.

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

A friend told us about it. I didn't have a real estate agent, but instead approached the real estate agent that was working for the seller. This made working with me more attractive to him as well.

How did you finance this deal?

Conventional loan. No money down. Used land and property and collateral.

How did you add value to the deal?

Through cleaning the siding of the duplexes, painting and landscaping. Also, we upgrade flooring when we move new tenants in.