First deal: Four unit quadplex

[Heath Jones]

Investment Info:

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

Purchase price: $133,500
Cash invested: $33,000

This is a four-unit apartment building.

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

If there is a vacancy in 1 or 2 of the units in a given month, I can still cover the mortgage and expenses with the rents from the other two units.

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

My wife found it on the MLS when it hit the market at 3 pm one afternoon. We worked with our RE agent to have a contract to the seller by 5 pm the same day and had it under contract within 24 hours.

How did you finance this deal?

Conventional loan.

What was the outcome?

Closed in a month.

Lessons learned? Challenges?

Move Fast!! Get it under contract and worry about negotiating during due diligence.