Knoxville Properties- First Multi Family

[Brian Boyd]

Investment Info:

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

Purchase price: $155,000
Cash invested: $36,000

Our first foray into multi family investing. This was a turnkey property with renters in place. We ended up in a multiple offer situation and purchased the property. We are now working on our next investment in Knoxville.

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

Getting into multi-family is the fastest way to grow a portfolio to achieve financial independence. Knoxville has a built in clientele with students that want to live near the University. The numbers were great and this project was turnkey.

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

We found an agent on BP and had detailed conversations with him about our vision and business plan. He is from Knoxville and invests there himself. The deal went into multiple offers and we outbid everyone while making sure the numbers would still achieve our desired result.

How did you finance this deal?

5 year note with 15 year amortization through our lender, with 25% down.

What was the outcome?

Buy and Hold-still holding.

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

Nick Cantey, who we found on BP.