3-family in Watervliet

[Earl Co]

Investment Info:

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

Purchase price: $108,000
Cash invested: $38,000

My first deal, a 3-family brick building with a 10+ year long-term tenant (cash flow day 1). Needs some deferred maintenance and rehab work, ARV ~$160k. Hoping to BRRRR eventually. Cash flow could increase by $300 if my brother didn't need one of the units.

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

Small multi-family meant I could get a conventional loan but still have multiple doors with only one closing cost

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

MLS, then renegotiated after inspection

How did you finance this deal?

Financed using personal savings plus $15k from a Chase Slate credit card balance transferred to a $0 balance BankAmericard then requested overpayment refund check, deposited and seasoned in savings account.

How did you add value to the deal?

Renovations, raised rents to market

Lessons learned? Challenges?

Screen tenants properly especially if B/C class neighborhood

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

Shawn Pepe