2 Family in Gardner

[Chad King]

Investment Info:

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

Purchase price: $185,000
Cash invested: $40,000

My first rental I picked up. It was a brrrr with a complete rehab on the second floor unit.

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

The price and upside of rent and appreciation with value add situations.

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

Found it on zillow and negotiated it through my agent.

How did you finance this deal?

Hard money to purchase and fund the renovations. After that was complete and all units were rented I refinanced into a 30yr.

How did you add value to the deal?

Complete rehab on second floor. New insulation added in the whole house and soon mini splits.

What was the outcome?

Each year rents are slowing increasing and providing me with more cash flow.

Lessons learned? Challenges?

Should have come in stronger at a lower price. It was my first multi family so I was really eager to get into it.

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

Absolutely.... my agent became my broker when I got my license.