Second multi family investment.

[George K.]

Investment Info:

Small multi-family (2-4 units) note investment investment in Rochester.

Purchase price: $175,000
Cash invested: $18,500

3 family ranch style house with 3 garages. 900 sqft units with and additional 900 sqft basement. Right next to Lake Ontario.

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

We invest in multi family because if you have a vacancy the other units make up for the cost of the mortgage.

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

I found this in the MLS and realized the rents the previous owner was charging was significantly under rated.

I also had them renovate one unit prior to purchasing. That is. Is the nicest unit.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Have previous owner renovate one unit and offer him almost all of the asking price. Knowing I would get the added cost back in increased rents.

What was the outcome?

We still own the property and have great tenants.

Lessons learned? Challenges?

Don’t live next to your tenants. But it was a great house hack for our second building.

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

Test Laura swagger Keller Williams.