Decatur 4 Unit First MFH purchase

[Aaron Ingram]

Investment Info:

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

Purchase price: $215,000
Cash invested: $53,000

4 Unit property Purchased in summer of 2020. Took $1700 gross cashflow to $2600 within three months, executed one eviction. Completed renovation of two units that were needing updates and expended CAPEX for A/C units. Property will be stable and cashflowing nearly $1800/mo by the end of 2021

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

Wanted to purchase multifamily

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

MLS

How did you finance this deal?

Conventional financing

How did you add value to the deal?

One necessary eviction took place allowing renovation and rental at market rate for that unit, completing additional renovation on a second unit - negotiating with the tenant to offer incentive for them to allow the short renovation. Increased rents to market

What was the outcome?

Went from $1700 gross rent to $2600 gross rent in 3 months.

Lessons learned? Challenges?

Eviction process was costly and took time

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

Yes please PM me for details