2 Family - Off Market Purchase

[Ty Crumb]

Investment Info:

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

Purchase price: $280,000
Cash invested: $60,000

This is the most recent deal I have closed on. I'm excited, and nervous at the same time. I really loved the process.

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

I want to buy multi family properties in my local (60 minutes or less from home) market to help build experience before investing out of state.

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

Knew of the seller becoming too overwhelmed with being a landlord. Developed this business relationship over the past year.

How did you finance this deal?

Local Bank - 7/1 ARM

How did you add value to the deal?

I was able to make the seller comfortable with what they would get after the sale, as far as money, and the lessening of stress in their day to day life.

What was the outcome?

I gained 2 doors, that could be immediately be converted to 3, and the lot provides enoguh space to build another duplex on, in the future.

Lessons learned? Challenges?

Seller had a live in roomate, with no lease (month to month or otherwise) established. Would ensure that this is not the case next time, as in, all parties on the property would need to have some sort of lease in place, to help set expectations.

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

Of course, my agent is one of the best in the biz! Adeline Matton of Accurety