My first multi family

[Adam Reed]

Investment Info:

Small multi-family (2-4 units) private money loan investment.

Purchase price: $230,000
Cash invested: $250,000

Bought this two family before ever considering actually being an investor. I was just looking for a house that I could live in that would also pay my bills.

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

I thought it was a good investment.

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

Through a realtor. I wanted to go in with a lowball offer (that my agent advised against). I didn't care and we got the price I wanted.

How did you finance this deal?

Cash

How did you add value to the deal?

New boiler, hot water heater, coin operated washer and dryer and new electrical panel for whole property. Unit 2 got new paint and very mini-renovation for the kitchen.

What was the outcome?

Currently renting until 1 for $1,500/month and unit 2 for $1,600/month (when we aren't living there). Current estimated value of the property: $310,000

Lessons learned? Challenges?

Always learning, but luckily