My First Investment Property (2 of 2)

[Jeffrey Avellino]

Investment Info:

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

Purchase price: $351,900
Cash invested: $351,900

Duplex 3/2

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

The opportunity for positive cash flow after quick repairs.

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

Internet search (zillow, crexi, trulia, etc)

How did you finance this deal?

All cash. The two duplexes were listed as a single purchase, but the financing went sideways when it came out that each was a separate parcel. I didn't want to pay double banking fees and put in the cash.

How did you add value to the deal?

New roof, gutters, wood rot repair, new flooring, heavy cleaning, and paint.

What was the outcome?

Increase rent from $1050 to $1600.

Lessons learned? Challenges?

Patience, seller had contact issues and banker switched to two separate loans at the last moment.

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

Erik Sies