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Updated about 2 years ago,

User Stats

30
Posts
25
Votes
David Greathouse
  • Real Estate Agent
25
Votes |
30
Posts

Our first multi-family investment

David Greathouse
  • Real Estate Agent
Posted

Investment Info:

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

Purchase price: $140,000
Cash invested: $48,000

Purchased our first multi-family long term hold. Off market deal through our existing realtor network.

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

Off market deal well below market value at the time. Fully occupied and cash flow was too good to pass up.

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

Deal was presented to us by another agent in our brokerage. It was negotiated off market.

How did you finance this deal?

Conventional financing through Huntington directly into our LLC.

How did you add value to the deal?

Freshened up interior paint and some exterior siding projects.

What was the outcome?

Gross income is $1900/month and net income is roughly $550/month.

Lessons learned? Challenges?

Existing tenants posed some unique challenges. Replaced one set of acquired tenants and boosted rent up an additional $100/month with new tenants I screened myself.

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

We brokered our side of the deal ourselves as we are licensed agents in Ohio.