Primary resident 3 family - second investment

[Sherwin Vargas]

Investment Info:

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

Purchase price: $251,000
Cash invested: $5,000

home prices rising but loved the multi, using as primary residence, cash invested low due to state aid. needs updating. Cashflow not as high as i would like

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

Looking at buy and hold for the future. Moved into one of the units. So had a time constrsint to move when bought

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

Real estate agent general market. We wanted to use the state aid to have our downpayment as minimal as possible

How did you finance this deal?

7k down i believe 7.5k state aid .. .. Regular mortgage at 4.5%

How did you add value to the deal?

Some type of renovations to all 2 floors. Total renovation costs 40k. First renovation project definately made alot of mistskes.

What was the outcome?

Apartment almost done spent 5 to 6 k extra.

Lessons learned? Challenges?

Hard to find good contractors.
Do not split up work to help undeserving people.
Do not be 'nice'
Do not pay after thorough inspection