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Updated 10 months ago on .
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Long term hold
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $252,000
Cash invested: $65,000
PP 252k
5/5@ 5.75%
Rehab cost- 20k
ARV 350k-370k
What made you interested in investing in this type of deal?
Looked like a quick cosmetic rehab I could do while living in a new area.
How did you find this deal and how did you negotiate it?
MLS
Originally had multiple offers.
Fell out of contract 2 weeks later and I immediately got in touch directly with listing agent. They sent over inspection report. Negotiated 20k off the top without contingencies as already walked it and report didn’t show anything I didn’t already saw.
How did you finance this deal?
5/5 ARM
Conventional
How did you add value to the deal?
Bought it under market price.
Bought in a market with upward trajectory.
Previous owners created a DIY nightmare. I went in, fixed drywall, painted walls white, paint cabinets, corrected floor slope and put down hardwood. Paint exterior.
What was the outcome?
6 months- created 100k-125k forced appreciation.
Lessons learned? Challenges?
Direct to listing agent.
Everything is negotiable.
Cut out more middle men and error in communication.
Less middlemen= more transparency