First fourplex, Grass Valley, CA

[Frank Piner]

Investment Info:

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

Purchase price: $750,000
Cash invested: $140,000

I house hacked and remodeled a fourplex. My first home.

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

Wanting to find a place to live for cheaply or free in California. Not wanting to throw away money on rent. Listening to Robert Kiyosaki and Grant Cardone. I have enjoyed it and would love to go bigger!

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

I had my realtor® Rebecca Hutton find it and negotiate it. I did not have a California real estate license at the time. Only ND and MN. I still work with Rebecca Hutton in real estate as a partner and mentor. Would highly recommend her.

How did you finance this deal?

With Sierra Pacific Mortgage and a private money loan.

How did you add value to the deal?

Floors, Electrical, improving the square footage, and basic remodeling to update the place.

What was the outcome?

I've increased the yearly gross income by $18,000. It now Grosses $84,500 per year.

Lessons learned? Challenges?

Yes! Have a great mentor, know good attorneys. Find and work with a knowledgeable general contractor. Have more money saved up than you think you need.

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

Yes, Rebecca Hutton and Judi Gavia.