Very rough 3 unit, remodeling now, 40k is an estimate for now.

[Steven Westlake]

Investment Info:

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

Purchase price: $85,000
Cash invested: $40,000

Very rough 3 unit, remodeling now, 40k is an estimate for now.

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

Done a 4 unit about 1 mile north a few years back

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

Belonged to my father, he was grumbling about it being to much work for an 80 yr old guy, made him an offer.

How did you finance this deal?

25 percent down, local bank

How did you add value to the deal?

Full remodeling and updating is planned, along with splitting utilities into tenants names.

What was the outcome?

In progress now

Lessons learned? Challenges?

For major repairs like this, evict all tenants up front, not worth working around them.

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

Liberty bank in Bellefontaine