Blue Bridge Properties Investment #4

[Dave Hutson]

Investment Info:

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

Purchase price: $251,000

Contributors:
Matthew Tanis

The Crown Jewel of our portfolio.
Triplex near GVSU

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

Triplex. Location. Upgrade in tenants/clientel.

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

MLS. Negotiated through our realtor.

How did you finance this deal?

Conventional loan and private investor/hard money. 50k at 10%, interest only payments, note due after 3 years.

How did you add value to the deal?

Rents are below market. We have simply (and slowly) brought them up.

Lessons learned? Challenges?

Even B+/A tenants can be a head ache.

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

Kristin Moore with Keller Williams East Grand Rapids is our agent.