2 Year Struggle

[Rick Mashiska]

Investment Info:

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

Purchase price: $75,000
Cash invested: $50,000

Small duplex in quiet suburban neighborhood.

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

MORE DOORS = MORE $$

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

MLS

How did you finance this deal?

LOANS; PARTNERSHIP

How did you add value to the deal?

COMPARABLE LISTINGS AT THE TIME

What was the outcome?

Been struggling with the prop for almost 2 years. my partner left me and I had to scrape money to finish. I am finally ready to do a lease and rent the entire building to a group of friends.

Lessons learned? Challenges?

LESSONS LEARNED: NEVER take a partner that knows less than you about the business. Always anticipate at least double the investment you think you'll need. You only fail when you quit! Challenges: every aspect of a rehab. Capital. Got my hopes up when a wholesaler put contracted to buy the place after my partner left me, then had to back out of the deal due to his investor losing interest (I assume).

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

SANDRA MCCREERY https://www.realtor.com/realestateagents/593f84c4f1007a001299c5b6