4 Unit Multi Family in Saranac Lake

[Steve MacNerland]

Investment Info:

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

Purchase price: $150,000
Cash invested: $4,500

4 Unit Multi Family

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

Cash Flow, Owner Occupied, Location

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

Off market, negotiated directly with the investstor

How did you finance this deal?

FHA with 203k rehab

How did you add value to the deal?

New roof, heating systems, Gut and Reno 2 units, Flooring and Siding

What was the outcome?

Great tenants and good cash flow

Lessons learned? Challenges?

Have replacement value insurance.

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

No

[Steve MacNerland]

Hey @Suzanne Player, the property is just West of Plattsburgh by about 50 miles.  Its nestled in the village of Saranac Lake, just 15 min from Lake Placid as well.  I purchased the property when I was 21 just out of college, its been a great asset for the past 15 years.  I think the 203k program is great, but you do have to have a contractor that is familiar with them.  Getting paid after the fact isn't always an easy pill to swallow for contractors starting out.