100% financing from private lender

[Eric Pittmann]

Investment Info:

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

Purchase price: $45,000
Cash invested: $1

Triplex purchased with 100% financing from a private lender. They make 6% on the note as well as 50% ownership.

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

Cashflow

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

Wholesaler was asking 60K, got them down to 45K. Used repair estimate to negotiate. Also was burnt out landlord.

How did you finance this deal?

100% private lender paying them 6% on the note.

How did you add value to the deal?

minor repairs, raised rents

What was the outcome?

A decent cashflow property

Lessons learned? Challenges?

Leases we too simple and old, next time new leases

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

Just contractor