Adding another one

[Travis Hill]

Investment Info:

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

Purchase price: $105,000
Cash invested: $185,000

We found this property offmarket from an amazing agent I still work with. We put a lot of effort into making this property people are proud to live in. I would like to thank Robin and her team at GMG Properties for making it happen.

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

I am looking to grow my portfolio from SFR to MF

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

It was found off market with the agent.

How did you finance this deal?

I used private money for the PP and rehab.

How did you add value to the deal?

We did an $85k rehab on the unit

What was the outcome?

It is being rented for $1495/side.

Lessons learned? Challenges?

When we bought it in January, Fannie/Freddie allowed for six month seasoning before refi. 1 April it went to a year. That doesn't allow us to BRRRR the property. We will continue to focus on underwriting with the one year hold time in place with the next one.

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

Robing Gevarrt at GMG Properties, Anita at CMG Mortgage, and JJ Jung at Prism Title. Smart Asset Realty for property management.