4-plex in the valley

[Todd Springman]

Investment Info:

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

Purchase price: $329,000
Cash invested: $72,000

Fourplex with lots of upside on rent, to market value

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

I have a single family house with good renters, They pay every month but sometimes late. I didn't want to be beholden to any one renter

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

I saw it on the mls thought it would be gone by day 2. It was so we moved fast on it.

How did you finance this deal?

Conventional, this time through a mortgage broker, instead of bank. Mostly because I'm thinking of going out of state on my next investment.

How did you add value to the deal?

There was some plumbing and electrical issues, as well one patio needed to be replaced before someone fell off it.

What was the outcome?

All the tenets are happy, they can see things being upgraded, so come renewal time they will understand the increases over the next few years.

Lessons learned? Challenges?

The inspector went off the rails, so that was a challenge