First multi-family purchase

[Brett Lee]

Investment Info:

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

Purchase price: $190,000
Cash invested: $20,000

Purchased 2 small BR houses. Converted both to 2 BR units to increase rent and value.

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

Getting 2 houses for the price of 1.

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

online search

How did you finance this deal?

FHA

How did you add value to the deal?

converted the garages to bedrooms

What was the outcome?

Initially I put a lot of sweat equity. However, now both units are in great shape. New roofs, windows, etc. Should be great investments for next 30 years. Rezoning will be occurring soon and I might even be able to subdivide and sell each house separate!