Updated over 6 years ago on . Most recent reply
My first residential investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $49,820
Cash invested: $150,000
I purchased this property at an auction and overpaid for it. I didn't perform a home inspection and ended up spending way more on renovating it than I anticipated. One problem with 100+ year old properties is that many major systems (plumbing, heating, windows, roof, electrical, etc.) need complete replacement. I lived in one unit and rented the other unit. I no longer live there yet still own it. Today it is a cash cow, producing $600 a month in free cash flow.
