Second part/property of my last post - 2007 Deals - Erie PA - Sean Maloney

[Sean Maloney]

Investment Info:

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

Purchase price: $30,200

Up and down 2 unit. 1 of 3 two units I have with in the same block. Was part of the 2 property deal I mentioned in the last post.

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

In the same area I was already working in. It was part of a deal that the owner was going to help me get the bank to approve everything with little or no money down.

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

For sale by owner sign. located in same block I bought my first property.

How did you finance this deal?

Local bank with a commercial loan that included another property with it as a combo deal.

How did you add value to the deal?

At the writing of this 16 years of improvements.

What was the outcome?

Sill own it. Now free and clear as of right now.

Lessons learned? Challenges?

Some owners have other properties they may want to get rid of or combine with another deal. Keep an eye out in the same areas you are already working on, you know this neighborhood already so its convenient to have more properties together.

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

Local bank that I no longer would recommend