1st buy and hold turned out great

[Eric Lewis]

Investment Info:

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

Purchase price: $178,000
Cash invested: $35,000

Quadraplex found through wholesaler.

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

I initially was looking for a SFH to buy but came across this deal and the numbers made sense. Looked on Zillow and saw all the other properties in the area were selling for $250k and were renting each unit at $700 a unit. But they wanted $178k

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

Got the deal from a wholesaler. Not much negotiation bc it was my 1st property

How did you finance this deal?

I went through a mortgage broker. Put 27% down cash and took out a personal loan to cover the rest of down payment and closing cost.

How did you add value to the deal?

Currently in the process of exterior rehab now. Also, a few minor rehab jobs on a couple of units.

What was the outcome?

Great deal