Fourplex in Slavic Village - Cleveland, OH

[Al Perez]

Investment Info:

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

Purchase price: $25,000
Cash invested: $40,000

We bought this fourplex from a wholesaler. Owner had inherited and didn't want to keep it. Its value tripled since we bought it in Aug 2018

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

I was already investing in duplexes and triples. This seemed to be a good opportunity

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

Through a wholesaler

How did you finance this deal?

My two sons contributed to the investment.

How did you add value to the deal?

Via forced appreciation. We fixed two furnaces and rehabbed them one by one.

What was the outcome?

We still keep the fourplex

Lessons learned? Challenges?

Contractors turnover, overcharged by a dishonest plumber, first tenant was really bad, etc.