Out of State - Quad

[Maurice Blackledge]

Investment Info:

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

Purchase price: $131,000
Cash invested: $35,000

Buy and Hold Quadplex

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

Great location near ballpark and growing area

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

Found through my realtor. The property had multiple bidders and the first contract fell through. I was backup offer that ended up being accepted

How did you finance this deal?

HELOC for down payment and conventional financing

How did you add value to the deal?

Increasing rents when lease is up. Seller agreed to replace all furnaces. Cosmetic updates as leases end.

What was the outcome?

Purchased and closed

Lessons learned? Challenges?

This one was straightforward but it took a while and had some delays that were caused by miscommunication with the lender. I would say just stay patient through the process and keep the end goal in mind for the outcome you desire.