2nd Duplex- up to 5 units

[Steven Pool]

Investment Info:

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

Purchase price: $115,000
Cash invested: $33,440

This was part of a package of two properties that I purchased from a retiring landlord. Both units are rented out and both are below market rent for the area. One tenant is on an annual lease and the other is month to month. I''ll be raising the MTM tenant's rent and singing them onto an annual lease after a two month probation time to make sure they're a good fit.

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

I'm interested in moving away from SFH and into MF

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

The unit was on the market for $20k more than purchase price and the numbers never made since. My real estate agent was also the sellers agent and, once it wnet off the mls, I let her know that I'd be interested in it if they came down on their price. She passed that on to them and about a month or so of it being off the market they reached out to me to buy two of their properties. We came to a number that we both agreed on and closed on both properties about a month later.

How did you finance this deal?

Traditional Financing 25% down plus closing costs

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

Mark Anunti - Mortgage Banker at National Bank of Commerce - Highly recommended
Jamie Dalbec- Real Estate Agent at Coldwell Banker- Highly recommended