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Updated about 8 years ago,

User Stats

42
Posts
29
Votes
Dacia Ray
  • Phoenicia, NY
29
Votes |
42
Posts

First MF deal(s) - insight please!

Dacia Ray
  • Phoenicia, NY
Posted

Hi all, I'm working on my first multifamily deal(s) for buy and hold properites in upstate New York (well, Hudson Valley, so "upstate" is relative) and though I was looking for one duplex, I found two on the same block owned by the same person and made an offer on both (you more seasoned folks are probably nodding along at this point). I'm negotiating with the seller, who is willing to offer seller financing at 6%, with a downpayment of 20%, and a balloon payment due in in 3-5 years. They don't appear to need much work and three of the four apartments have tenants (I plan to househack and live in the fourth for a while). My offer is contingent on inspections for both of them. I'm planning on self-managing to start but also have budgeted for property management. I ran them through the BP calc and they both cash flow. I feel like this is what I've been preparing for but I'm also just getting anxious about it all. So I guess I'm looking for advice? analysis? pep talks?

Duplex with two 1-bedroom apartments: https://www.biggerpockets.com/buy_and_hold_results/259541.pdf 

Duplex with two 2-bedroom apartments: https://www.biggerpockets.com/buy_and_hold_results/259552.pdf 

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