1st Multifamily Residential Investment

[Andrew Hayward]

Investment Info:

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

Purchase price: $250,000
Cash invested: $12,500

bought a 3 family multi in the RI area. The property CF's about $800 per month, 1k per month when adding in garage rentals and coin operator laundry.

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

Real estate classes in college. Biggerpockets podcast.

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

MLS through agent

How did you finance this deal?

FHA Loan

How did you add value to the deal?

turnkey. Very little work needed

What was the outcome?

great investment. A grade for first investment. Bought 10k under market and the cashflow from 2/3 units covers the mortgage and then some.

Lessons learned? Challenges?

Be aware of how much water/sewer bills cost. Understand how to write off specific property improvements like adding a new water heater.
Also, have a list of people who can help in case of emergency at the property.