Property #1! Multi Family close to nursing school!

[Robert Clausen]

Investment Info:

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

Purchase price: $170,000
Cash invested: $20,000

Our (Konalynn RE, LLC) first property; already looking for the next :)

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

Wanted multi-family to spread risk over more doors. Visited the town and fell in love.

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

Found it by driving around town off season looking at multiple listings. Made a low ball offer considering days on market, and the estimated restorations costs.

How did you finance this deal?

Hard money, to be refinanced later this year.

How did you add value to the deal?

Complete renovations!

What was the outcome?

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Lessons learned? Challenges?

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