First 5 Unit MultiFamily I ever Bought!

[Geoff Cavender]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $140,000
Cash invested: $50,000

My first ever Multi Family Building that I got at a good deal from my first Mentor into the business. I purchased this 5 Unit building for $140,000, and I used the equity from one of my SFH rentals to come up with the Down Payment!

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

I wanted to get into MultiFamily investing more than anything to be able to quit my 9-5 and start my journey to Financial Freedom. I had read the BP books, and done everything right, so that when this opportunity came my way, I was ready!

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

Through my First Mentor into this Business. I did negotiate a Pinball Machine into the Sale of the building!

How did you finance this deal?

I used the Equity in a Single Family Rental that I own. Then did a 20% down Commercial Loan.

What was the outcome?

It is still my most profitable Rental to date

Lessons learned? Challenges?

The Challenges were that it is a D-C Grade Property. I was not ready to handle that, and my mindset was to increase it to a B grade property instead of leave it where it is

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

Geoff Cavender - Myself