New Property! Portfolio up to 14 units!

[Joe Rodriguez]

Investment Info:

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

Purchase price: $1,250,000
Cash invested: $62,500

I recently closed on this 4 unit property in Federal Hill Providence, RI. I utilized a Fannie Mae 5% loan to purchase the property. Since I am a licensed real estate agent, I was able to represent myself as the buyer's agent. This brings my portfolio to 4 properties, 14 units total!

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

I enjoy investing in small multi-family deals (2-4 units). This property is located in the area that I've been looking and has great rents on existing tenants.

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

I found this deal on MLS. I am a licensed real estate agent and was able to represent myself.

How did you finance this deal?

I financed this deal using a fannie mae 5% down payment loan.

How did you add value to the deal?

I am currently renovating one of the units which was vacant when I purchased the property.

What was the outcome?

I plan on holding onto this property for many years to come.

Lessons learned? Challenges?

There were some challenges along the way with the lending process but I was able to provide all of the documentation required and close on time.

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

Cross Country Mortgage for the lender, Thumbprint Realty (myself) as the buyer's agent.