My very 1st multifamily deal

[Quentin Mitchell]

Investment Info:

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

Purchase price: $15,000
Cash invested: $21,000

This property makes me 1500 per month with section 8 tenants with 1,236 guarantee from section 8 every month.

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

I wanted to buy a small multi-family to gain experience of more than one tenant.

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

MLS and I just offered less than the listed price.

How did you finance this deal?

Cash

How did you add value to the deal?

I completely renovated the property new kitchens, bathroom, refinished hardwood floors, electrical, plumbing, and windows.

What was the outcome?

Had the property appraised and it appraised for 57,000 so I did a cash-out refi.

Lessons learned? Challenges?

I almost gave up finding a multi-family property, because I kept striking out, but by staying persistant I was able to find actually what I was looking for and made it work how I envisioned, so I learned to stick with the plan.