Turn key investment to get my investing career started

[Anthony Marin]

Investment Info:

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

Purchase price: $340,000
Cash invested: $60,000

This was a turn key 3 family property to get my investing career started. I wanted something that would be cash flowing immediately.

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

I wanted a deal with no renovation and that would cash flow right away to get my investing career started.

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

I was looking at a property with an agent that I didn't like and then they showed me another property they were about to put on the market. I put in an offer that same day.

How did you finance this deal?

20% down with conventional financing. I needed $80K to close and I only had $60K, the seller gave me a note for the final $20K that I paid back in a year.

What was the outcome?

Great cash flowing property that I still own today

Lessons learned? Challenges?

I learned that I have to figure out how to do deals without using all my cash.