Lessons Learned while purchasing a new multi family.

[Edward Sanders]

Investment Info:

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

Purchase price: $240,000
Cash invested: $15,000

This rare, 2 story double in historic Holy Cross offers an inviting French Quarter feel at an affordable price! Both the upper and lower apartments feature an open living room and kitchen, 3 private bedroo, 2 full baths & spacious laundry rooms. The upper apartment has a covered balcony perched in the treetop, while the lower apartment enjoys a covered porch complete with porch swing and a view of the landscaped courtyard. A hidden garden w/raised beds, storage shed & 4 parking spaces complete

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

Strong Air BNB market, also a good property for house hacking.

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

Through a buyers agent, we used our VA loan to purchase it. We didn't really use any particular style of negotiation.

How did you finance this deal?

VA loan.

How did you add value to the deal?

We used local comps and potential short/long term rental prices on the current market to forecast potential earnings.

Lessons learned? Challenges?

When turning a unit or renovating a property, make sure you stay on schedule. If you take too much time on a unit, you find your self spending potentially going over budget.

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

Yes, we worked with a traditional buyers agent.