Our First Small Multi-family Investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Clifton.
Purchase price: $315,000
Cash invested: $75,000
Duplex and first investment property we are currently house hacking. We live in a high cost-of-living area, so we are not living for free, but our rental income currently covers 50% of the property's expenses.
What made you interested in investing in this type of deal?
We like the potential to build long term wealth with buy & hold properties. Also, we found a duplex to be easier to manage as our first investment, rather than larger multifamily properties.
How did you find this deal and how did you negotiate it?
We found and negotiated this deal through our real estate agent.
How did you finance this deal?
This property was financed through a conventional mortgage, with 15% down and no PMI.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. If you're looking in New Jersey, we had great experiences with our real estate agent, broker, and attorney.