Great buy & Hold Multi-Family

[Chris DuPaul]

Investment Info:

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

Purchase price: $260,000
Cash invested: $60,000

We initially saw it when it first listed but passed on it as we weren't in love with the area in town although we didn't hate it either. It was still available two months later so we decided to take a look. It was actually quite nice and didn't need a ton of work. We were able to get it for 20k less than ask and were happy with the deal (if I could buy 10 more at this price these days I'd be psyched). The layout is terrific and it has been a great income producer over the years.

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

Nice, manageable multi-family property.

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

MLS listing. We offered a fair price and scooped it up, albeit 20k below ask.

How did you finance this deal?

Conventional loan with 20% down.

How did you add value to the deal?

Did some renovations to the units incl. refinish hardwood floors, new appliances, new cabinets & countertops. Exterior landscaping was done as well.

What was the outcome?

We made the unit very nice to attract quality tenants and have had great luck with the ones we've gotten.

Lessons learned? Challenges?

Put good in, get good out.

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

Self-represented :^) .