Buying and maintaining a 2-flat building

[Christopher Edwards]

Investment Info:

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

Purchase price: $180,000
Cash invested: $25,000

2-flat building with CHA voucher holder (3/2) and market rate renter (3/2).

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

Residual income and something to leave for my children.

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

Searching through the MLS and had my agent to give the listing agent a call.

How did you finance this deal?

Down payment and FHA loan when I was W2.

How did you add value to the deal?

Completing the basement and adding a second bathroom for the second floor.

What was the outcome?

Stable tenants

Lessons learned? Challenges?

Screening tenants thoroughly and inspecting their current residence before a lease or offer of a lease is given.

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

I'm am open to share.