NJ multi family brrrr

[Wayne Loux]

Investment Info:

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

Purchase price: $242,000
Cash invested: $35,000

Foreclosure purchased from Hubzu.com renovated both units, fully rented out October 1 2018.

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

Fairly easy renovation and large units felt the area was underpricing the rental market.

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

Mls and hubzu.com auction style bidding

How did you finance this deal?

25% down conventional loan

How did you add value to the deal?

Painted both units, new flooring, new kitchen applicances, new baths and added a bedroom.

What was the outcome?

Fully rented it in October cash flowing 1500 a month

Lessons learned? Challenges?

Challenges were not living close to the project

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

I am a licensed Nj agent. My lender Larry Vindman First alliance home mortgage I highly recommend