Days were myriad, But I held my aplomb and rose to the occasion!

[Joshua Ryan Meador]

Investment Info:

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

Purchase price: $110,000
Cash invested: $2,300

*Got a triplex in cudell area with tenants already in who have been here for quite some time now. Real good tenants who brought their own washer dryer(they should stay for a while!) couldn't ask for better tenants on my first rental.......Smooth transition!!!
*Seller paid all closing costs on the fha loan
*Anyway i give a 75 $ credit for payment before the first(in order to make sure debts are paid--------WIN WIN for everyone

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

Well I knew multi would give me a better return.
I was only looking for a FHA fanciable property with 3 or 4 units only
It was the best i seen (condition wise) in months

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

I Met seller ( who was selling a 53 unit package and decided to let me cherry pick one of his before he sold it!
Seriously couldn't been any better

I did my own inspection and brought a coupe things up to him and i got him down 9 grand minus closing cost

How did you finance this deal?

FHA bank financed at 3.5 percent down....closed with like 2300$
Then when title transferred I got that money back from the first of the month and security deposits!

How did you add value to the deal?

Still working on it , going to finish out basement and refi some cash out.
Appraised 9 k higher anyway

What was the outcome?

Got my keys and moved in and started collecting rent!!

Lessons learned? Challenges?

Challenges --- trying to find something that fit my needs while having some sweat equity play but not enough to hold my loan up.
West side of Cleveland is a little older so the basements in some were pretty beat up
That was my main concern ....
lesson learned----SHOULD OF DONE IT SOONER!!!!!!!!

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

ME -- licensed realtor
Liberty home mortgage closed my loan ---Jake Donnelly