Second investment, out of state

[Levi McDaniel]

Investment Info:

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

Purchase price: $100,000
Cash invested: $26,000

Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.

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

Value add, cashflow

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

My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

updated units as tenants moved out.

What was the outcome?

Cashflows and appreciates every year

Lessons learned? Challenges?

It snows a lot in Ohio

Interview A LOT of PMs before making your choice

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

Steel valley PM treats us well.

[Levi McDaniel]

This deal was an off market deal, So we just used a lawyer.

Originally posted by @Marge M.:

Originally posted by @Levi McDaniel:

Investment Info:

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

Purchase price: $100,000
Cash invested: $26,000

Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.

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

Value add, cashflow

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

My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

updated units as tenants moved out.

What was the outcome?

Cashflows and appreciates every year

Lessons learned? Challenges?

It snows a lot in Ohio

Interview A LOT of PMs before making your choice

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

Steel valley PM treats us well.

Hi Levi,

My name is Marge and my partner and I are just starting our Boardman, OH REI journey. I was searching the forums for posts mentioning the area and stumbled upon yours. Thanks for sharing and great to see good feedback on Steel Valley. John was the first to respond on our initial attempt reaching out to local agents and PM's. First conversation was a treasure trove of information. Did you use him as your RE agent as well?

Smiles,

Marge