2023 Update on multi-family in Newark, Ohio

[Rosella Lynn]

Investment Info:

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

Purchase price: $83,000
Cash invested: $83,000

Triplex, 2BR, 1BA, and 1 efficiency apartments with full basements. Cash out refinanced in 2021 for $125,000 and purchased another SFR.

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

Multi-family investment

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

Agent, inherited two of the unit had inherited tenants.

How did you finance this deal?

Cash

How did you add value to the deal?

Have replaced furnace and added AC to all three units. Removed carpet and refurbished wood floors throughout.

What was the outcome?

All three units are rented, two of the three are short term tenants.

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

No purchased directly from seller.