Multifamily First Time Investment

[Jacob Hooter]

Investment Info:

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

Purchase price: $92,500

Contributors:
Trevor Caswell

This is a BRRRR duplex, and my first investment property. We are currently rehabbing, and major projects include foundation repair, and redo of plumbing drain lines. Additional opportunity to build another unit, as this property sits on 3 city lots!

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

Multiple Doors, price point and potential cash flow.

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

Through a realtor on MLS. Initial asking of $115,000, allowed time and repair estimates to bring cost down.

How did you finance this deal?

Hard money financing. 15% down of purchase price, full rehab costs in escrow.

How did you add value to the deal?

Rehabbing the property, including foundation repair, plumbing, paint. Yard maintenance, landscaping, flooring, and fully sealing off units...(previous owner turned into a single family from duplex).

What was the outcome?

Still rehabbing with hopes to refinance upon completion.

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

Trevor Caswell, at Keller Williams on the Jeff Bird team. Incredibly patient and hard working for his clients.