COVID-19 Multifamily Investment
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Albany.
Purchase price: $245,000
Cash invested: $35,000
Partnership between my fiancé and I and my parents.
What made you interested in investing in this type of deal?
My father has owned investment properties which I learned about while growing up. When I was 24, I bought my first investment in a partnership with him and and owner occupied the property. Now, I was ready to grow my investor portfolio with my fiancé and we felt back home in Albany was the right place.
How did you find this deal and how did you negotiate it?
I found it through an email notification from my real estate agent. She wrote up our offer and sent it over with a cover page highlighting all the main points. Over asking, home inspection waived, preferred lender.
How did you finance this deal?
A conventional mortgage with 25% down from savings and a 15 year mortgage
Lessons learned? Challenges?
There was a lot of competition, so we had to be strategic with our offer to make it happen. It was also a busy time as a result of interest rates being so low, so it took a fair amount of time for us our mortgage to be approved and the closing to take place.
