Updated over 2 years ago on . Most recent reply
My first four family
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Worcester.
Purchase price: $529,000
Cash invested: $7,000
1031 exchange. Started out cash flow was around $1,000 by January 2024 cash flow will average $1800 per month.
What made you interested in investing in this type of deal?
I saw the upside to 4 units vs 3 units. Less risk.
How did you find this deal and how did you negotiate it?
On MLS, basically a for sale by owner, the seller being a real estate agent. Very few photos but I knew it was built in 1991.
How did you finance this deal?
Conventional 25% down via a 1031 exchange sale.
How did you add value to the deal?
So far I have replaced 3 windows, 4 faucets, and the washer and dryer.
What was the outcome?
Excellent so far.
Lessons learned? Challenges?
The 1031 exchange puts pressure on you to buy quickly. I wish I could have breathed and waited.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes I did. I have a great lender, home inspector, and insurance person.