Victorian 3-plex (California)

[Vernon Barnett]

Investment Info:

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

Purchase price: $385,000

This multi-family is a 3-plex located in San Jacinto, CA. House hacking for 12 months and then on my way to another city to buy another mutli-family.
It was originally listed for $425,000 but along with a lower appraised value and some negotiation, I got the purchase price down to $385,000.

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

Originally I read Rich Dad, Poor Dad and it had immediate impact on my mindset. I also went to a Rich Dad event that came into town.

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

I found this deal while browsing realtor.com

How did you finance this deal?

FHA

How did you add value to the deal?

Repainted interior & landscaping work is coming. There is a horrible looking tree with no greenery sitting right in front of the home, I am definitely going to get that cut down.

Lessons learned? Challenges?

FHA appraisals and passing them are a hassle. But it definitely does help to get more bang for your buck in the 3-4 unit range.