My first multifamily

[Bennie Williams]

Investment Info:

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

Purchase price: $145,000
Cash invested: $40,000

Triplex located in Benton Park West, in the city of St. Louis

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

Seemed like a good cash flowing property in a transitional neighborhood

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

MLS and worked with a realtor to negotiate the deal

How did you finance this deal?

Typical 30 year mortgage

How did you add value to the deal?

Mostly cosmetic upgrades. Paint, new carpet, replaced and repaired broken items

What was the outcome?

Fully leased and raised the rents slightly

Lessons learned? Challenges?

This deal was pretty standard so I didn't have any major challenges. As far as lessons, the biggest thing I've learned with this purchase was to verify lease agreements and tenants payment history. I immediately had to evict a tenant.