Updated over 6 years ago on .
First Step is Always the Biggest
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Lillington.
Purchase price: $212,500
Cash invested: $1
This tri-plex is in a more rural community. Although the property value is not on a fast track upward, it is a desirable property due to its seclusiveness and size (3500+ sqft). It is a consistent cashflow property.
What made you interested in investing in this type of deal?
I think multi-family homes are the best way to get started if you have financing options available to you (which we all do as long as we get creative). I did not have to get too creative with this property.
How did you find this deal and how did you negotiate it?
I found this deal on Zillow. I had looked at it multiple times and didn't think about it. One day I just ran the deal and decided I would check it out and make an offer that worked for me. The property had been listed for over 500 days so I was able to get it for less than asking.
How did you finance this deal?
VA loan
How did you add value to the deal?
TBD - the property doesn't need much
What was the outcome?
Cashflow and consistent renters
Lessons learned? Challenges?
This one was pretty smooth.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
5 Pillars Realty Group - Fayetteville, NC
