Moving to Utah and buying first multi family deal

[Mitchell Wildman]

Investment Info:

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

Purchase price: $313,000
Cash invested: $17,000

Finally moved out of Indiana and landed in Utah! I Purchased a 3 bed 2 bath home with a finished basement including a mother in law suit. I turned the property into a duplex with myself living in the basement while renting out the upstairs 2 bed 1 bath for 1800 while my mortgage payment is 2000 i get to live for about 400 bucks a month after all expenses. the pervious owners had started to finish the detached garage as well which come spring time i will turn into a living space for myself and rent the upstairs and basement separately for 2800 a month cash flowing around 600. Just getting started if you read this would love to connect and find partners to take my investing to the next level!

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

I liked this deal because in this crazy market we invest in a feel the safest and most effective way to invest is house hacking I was able to find a house that had been on the market for over 60 days that i saw the potential to turn it into a duplex by just adding a door upstairs

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

I found this deal through my real estate agent on the mls and had been sitting for some time and was able to negotiate the seller paying for closing cost and also paying for a whole house repipe to fix pour water pressure

How did you finance this deal?

conventional 30 year mortgage

How did you add value to the deal?

I removed all the wood paneling and tile ceiling in the basement and refinished all the drywall finished with new paint trim cabinets and appliances, upstairs had been remodeled previously but I scraped off the popcorn ceiling and did a fresh coat of paint everywhere

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

The Wiser group is a fantastic real estate agent group and luneta home loans killed it from beginning to end make sure everything went smooth at closing