Dealing with $19 mill every year

[Olga Dye]

Investment Info:

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

Purchase price: $35,000
Cash invested: $6,000

I have been trying to put this properties in an LLC and boy it has not been possible in my area. The mill property taxes is high $19. It is hard to have properties. Though I want to purchase more properties. According to experts it is all about going up the ladder with a partner.

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

I got a divorce. I lost the marital home to not being able to refinance. My job did not pay enough. I still had a family to take care of.

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

I found it in Trulia. I begged the owners to sell it to me to help me raise my daughter.

How did you finance this deal?

I had $6000 cash and a bank lent me the $27000 remaining. Today it is paid off.

How did you add value to the deal?

I added value to this deal buy get two additional loans and two more properties.

What was the outcome?

It has pushed the annual income to a lot higher than where I was when I started.

Lessons learned? Challenges?

I am still paying high taxes. I have not seen any gain yet since I had a high debt.

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

Yes. I was looking for lawyer in my area but I have not found anyone interested to help.