Non conforming 4 unit.

[Tyler Warne]

Investment Info:

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

Purchase price: $210,000
Cash invested: $50,000

Purchased this one in a partnership with my father. I have no money in the deal and it has paid for our families phones since the purchase. Invested $21,000 in Cap X. This gross rents for $2700/month and ahs approximately $1600 in expenses, fully financed, tax, property manager, etc.

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

Had some potential to fix and increase rents.

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

MLS, there were multiple offers

How did you finance this deal?

Commercial loan

How did you add value to the deal?

renovated a unit, re-leased, fixed landscaping.

What was the outcome?

Just had it valued by an agent for $415,000 - but don't have another deal to roll the money into yet.

Lessons learned? Challenges?

This one was a little tricky because the financing couldn't be a traditional mortgage and I had to switch to a commercial loan

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

Yes listing agent.