VA loan for Quadruplex

[Daniel Kidd]

Investment Info:

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

Purchase price: $250,000
Cash invested: $1,700

VA loan Quad, Fourth investment property

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

Multi Family has been my go to in getting started in real estate. I had actually been looking for a quad in this neighborhood for a while so when it popped up I knew I was going to get it.

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

I was on a simple drip campaign from an agent for multi family homes in the area

How did you finance this deal?

VA loan

How did you add value to the deal?

There has been a lot of work needed in this deal. Fortunately with the concessions I was able to get and having two tenants in place when I closed made the financial burden much easier. I am in the process of getting one unit ready for Air BnB as well. Should be ready to launch in a month or so.

What was the outcome?

So far I am still working through some tenant turn over and getting all of the work completed on what was a very needy property but high expectations for the rest of the year.

Lessons learned? Challenges?

Always be present for every inspection with a place like this if you are able and be sure to have good contractors lined up. I actually messed both of these things up a bit and got very lucky with the amount of concessions for repairs I was able to get and the availability of a good crew with only a few days notice. Always check in the envelope at closing for rent checks and deposits. We did look and found them not to be there and I closed anyway thinking it was a small issue. It was a pain.

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

Shelby Osborne - Real Estate Agent
Alotta Properties Property Management