First three unit with "almost" seller financing

[Wayne Loux]

Investment Info:

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

Purchase price: $263,000
Cash invested: $50,000

Loved the original bar and loved the opportunity to increase the cashflow

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

Older 3 unit that had low rents and room to improve

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

MLS

How did you finance this deal?

Originally had the deal locked up with seller financing then had to get a commercial loan when seller got cold feet

How did you add value to the deal?

Improved the rents when new tenants came

What was the outcome?

Great cashflowing property

Lessons learned? Challenges?

Older places have more maintenance

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

I am licensed