My First 4-plex in Roy Utah.

[JJ Chojnowski]

Investment Info:

buy & hold investment.

4-plex in Roy Utah. I bought this property 10 years ago. It has 2 bedrooms, 1 bath per unit. Washer/dryer in every unit. Also includes a carport per tenant and small storage unit.

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

Looking for an investment besides a typical 401k route.

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

I found this my family and just offered a fair price at the time and the deal was done.

How did you finance this deal?

I paid off my personal home before I bought this 4-plex, so I refinanced my home and paid cash for the 4-plex. Now the 4-plex pays my mortgage payment.

How did you add value to the deal?

I couldn't add bedrooms, but I've upgraded the siding from old wood siding. I'm currently replacing the deck and stairs and I will continue to make capital improvements to keep the asset up to date and push rents to "market rates".

What was the outcome?

Within this year or next I will become "financial independent". Meaning my current assets will surpass my fixed expenses. Now, I want to help others find their way to becoming financially free.

Lessons learned? Challenges?

As I look back over the past 10 years. I wish I would of bought more properties. But at the time it was what I could handle with my day job, family and other obligations.

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

At that time, I didn't use any real estate agent.