4 Family Unit in Central New Jersey.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $115,000
Cash invested: $150,000
4 Family Unit in Jamesburg.
Good Tenants and Cash Machine.
What made you interested in investing in this type of deal?
It was a sale by owner property and fully leased. I had seen the opportunity in this and bought it from owner. Happy with the Decision.
How did you find this deal and how did you negotiate it?
It was a sale by owner property and i call seller to my house to feel me and once he came to my home and the way we he show us living and i show him proof of funds etc. He got convinced to sell to me.
How did you finance this deal?
I put 30% down and took a Conventional Mortgage Loan from Wells Fargo.
How did you add value to the deal?
I just look at the income and Monthly Rent was more than 1% of sale price., so i decided to buy the same.
What was the outcome?
Yes I purchased it and increase about $1000 in monthly rental after evicting some bad tenants.
Lessons learned? Challenges?
Do not take what seller says is correct about tenants and their payment. He might be selling because of tenant problems.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. My self is a Real Estate Agent.