Turnkey in Awesome Neighborhood!

[Jonathan Pavkov]

Investment Info:

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

Purchase price: $280,000

Purchased this property after cold calling and getting an off-market lead. Increased rents by 50% to bring up to market. Will look to refinance once it is stable. Excited about the Franklin Park neighborhood!

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

After cold calling the owner, I went to look at it 30 minutes later and signed a contract within a few hours!

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

This was a cold call.

How did you finance this deal?

I signed the contract to purchase, then sold another property and used the capital gains (1031) to purchase this property. I negotiated for 90 days to close in the contract, but we were able to get it done in about 30 days.

How did you add value to the deal?

I didn't - the price was under valued.

What was the outcome?

Solid property purchase. I raised rents by 50% to bring up to market, and will look to refinance shortly.

Lessons learned? Challenges?

Make cold calls! This was a gem!