Multifamily Investment property 3 unit

[Michael Devens]

Investment Info:

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

Purchase price: $150,000
Cash invested: $75,000

3 family. Live in one apartment. Renting out one apartment, currently renovating one apartment

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

Purchased from my dad.

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

Always new about the opportunity. My dad did not want to sell to me. It was a hard fought battle.

How did you finance this deal?

Bank loan

How did you add value to the deal?

My construction trade background. I am also very handy. Most of the work on this property was done by myself.

What was the outcome?

Still own the property. Once the renovation on one of the apartments is done, I will be cash flowing $1800 a month.

Lessons learned? Challenges?

There have been many lessons learned. I will spend more time answering in detail.

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

I did work with a family friend who is a realtor. Was given great advise. The property needed a lot of work. I joined my local landlord association, started building contacts and connections that ultimately made this venture a success.