Property number 6!

[Jared Joseph]

Investment Info:

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

Purchase price: $335,000
Cash invested: $100,000

4 Unit Multi-family property. Using a construction loan to lump in the cost of repairs to renovate all units. One unit currently rented. Raised capital for this deal. Appraised very high as well so extremely happy about this one!
Considering renting the other units as STRs. It would be my first time but I believe it would yield a better ROI for myself and investors.

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

My team and mentors buy/hold/sell multifamily properties very often. I'm learning a lot through them and continued education/connections.

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

Found through my mentor who offered to me to purchase. Didn't negotiate much. Happy with the terms and price I received for it! Always aiming for a win win situation with all deals.

How did you finance this deal?

Raised private investor capital for this one.

How did you add value to the deal?

I plan on installing units for laundry in between all units. If I use as an Airbnb, it will make it easier and more desirable for the cleaning crew and guests. There is a room that currently hasn't been in use at all that used to be a laundry room.

What was the outcome?

Still currently in the deal. I will know more as time progresses.

Lessons learned? Challenges?

Getting a system down on how to contact, speak with, and smoothly transfer tenant information over. This is referring mainly to changing the form of payment, questions to ask the tenant to clarify any current lease in place or new leases to come; Etc.

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

If someone is looking to invest or purchase in Atlantic City reach out to me! My team and I are made up of a lot of agents as well with experience so I'd recommend anyone within my team to assist.