Exquisite 4 Unit Buy and Hold

[Alecia Loveless]

Investment Info:

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

Purchase price: $240,000
Cash invested: $65,000

Beautiful 4-plex in prime condition. Has needed very little maintenance. Coin op washer and dryer.

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

Was looking for a multi family and found this on the MLS a little outside my home community.

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

Looking on the MLS. Tried to negotiate the price a little lower to make the numbers better but the seller was firm and then the appraisal was spot on.

How did you finance this deal?

Conventional 30 year. 25% down.

How did you add value to the deal?

Haven’t done much it’s the nicest multi I’ve seen in this region in the 20 years I’ve been investing.

What was the outcome?

I’m enjoying owning it and so far the tenants have been great!

Lessons learned? Challenges?

I think when the keys to the laundry machines got transferred to me they didn’t all make it to me. The transfer happened post closing and I have a feeling one set stayed with the third party delivery person as I don’t seem to be getting much cash from them. Days that I am at the property frequently I receive a lot of money relatively, and if two weeks or so goes by I might only get $6 which is 3 loads. I suspect someone is taking the money. I’m working on a solution currently.

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

Charlie Crannell of Peabody Smith Realty from their Franconia New Hampshire Office is my go to for everything real estate.