Long Distance Investing

[William L.]

Investment Info:

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

This is a four unit I purchased long distance. I have never stepped foot onto this property and still to this day haven't been to the property once. So it is possible to buy properties long distance without ever physically being there to buy the property and still be positive cash flow.

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

I was tired of single family homes as rentals and I wanted to dive into multi-family properties. I started small with a house and then moved up to a duplex. Decided it was time to get something bigger but not too big where it was too much too handle. This four-plex came in at the right time.

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

I found this property through Zillow.

How did you finance this deal?

I used a conventional loan.

How did you add value to the deal?

I improved cosmetics and increased rent.

What was the outcome?

Haven't had a vacancy since owning the property. Even through the pandemic I didn't have any major issues with rent.

Lessons learned? Challenges?

Building a team for a system in purchasing long distance is a must. Especially, a team that you can trust.

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

Yes, I did and I definitely will recommend them.