Long term multi family in Warrenton Virginia

[Phillip Brown]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $750,000
Cash invested: $65,000

Multi unit property, 2 homes on the lot. Front house rents for 2500 back house rents for 2200. Mortgage/insurance is 4000.

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

Rare multi unit property in my market in an area that is seeing good appreciation.

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

MLS, Negotiated with the agent, the home had multiple offers. We were not the highest, but kept terms favorable to the sellers.

How did you finance this deal?

5% down conventional financing. We have family members renting 1 of the homes, so we were able to use regular purchase financing and only put 5% down. So our monthly cash flow is low, but our initial cash invested was also minimal.

How did you add value to the deal?

flooring, paint, waterproofing, appliances.

What was the outcome?

sustainable long term rental