Multi Family Property#1

[Nitin John Abraham]

Investment Info:

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

Purchase price: $145,000
Cash invested: $36,250

Second Purchased property – duplex - purchased along with my first duplex from the same seller

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

Being that it was my second property it was attractive that the homes already had long term tenants in place.

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

Found on the MLS by my Agent

How did you finance this deal?

Conventional Financing with 25% down. Rate was 5.125%.
Home has been refinanced in March 2021 at 3.375%, increasing cash flow approx $200 a month. The appraisal for the refinance also valued the homes at $166,000 which was a 20K increase in equity in 18 months from purchase.

What was the outcome?

Steady cash flow, good tenants, homes will need to be rehabbed in a couple of years to upgrade finishes and rents