OMG what have I got myself into

[Thurayya Berry]

Investment Info:

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

Purchase price: $71,000

I have a triplex and own it, and it needs a lot of work. I have been getting quotes and they are extreme to me. I believe the property has potential, but it is going to be major. I was contemplating selling but I am hesitant about too.

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

I already own the place and it needed a major rehab, therefore I figured that I would start with that.

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

Already owned it so negotiations were not necessary to buy it, however, negotiations are needed for the repairs

How did you finance this deal?

That is what I am trying to figure out, just don't think they will give me the amount required.

How did you add value to the deal?

Rehabbing it

What was the outcome?

Nothing yet

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

I had some advisors and traveled to some meet-ups so I have been in touch with those folks. I also have had several contractors see the project