Second two family in the city
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $44,000
Cash invested: $5,000
1940's built two family cash cow with mimimal issues. One rent ready unit and vacant. The other unit with a problematic inherited tenant.
What made you interested in investing in this type of deal?
Honestly owner due to the fact owner financing was availible to make the deal happen. That really lowers the bar on entry and opens the door to potential cash flow.
How did you find this deal and how did you negotiate it?
About a year ago a contact through a fellow realtor wanted to sell his property
How did you finance this deal?
Owner financing amoritized over 4 years. 10k cash down.
How did you add value to the deal?
Finding the deal through my contacts, making the deal happen through negotiation and bringing cash to the closing table.
What was the outcome?
Positive so far
Lessons learned? Challenges?
Probably the easiest deal ive done so far. The one concern would be the inherited tenant, who has really destroyed their unit. However she pays on time and doesnt really ask for much plus it would be hard for her to move so were going to be respectful and try to work around them to improve the unit.