Updated almost 4 years ago on . Most recent reply
Duplex buy & hold investment in Cleveland.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $130,000
Cash invested: $37,750
1st out of state Turnkey Rental Resale Property.
What made you interested in investing in this type of deal?
I wanted to resume Real Estate investment, I was out-priced in my locale so explored out of state investing. Wanting to remain passive in my journey so turnkey rentals seemed an appropriate route. While I was looking for Turnkey, this property was already fixed up with Tenants living there, and the numbers worked well.
How did you find this deal and how did you negotiate it?
Norada Real Estate. Negotiation - met the lower appraisal amount
How did you finance this deal?
Conventional
How did you add value to the deal?
None
What was the outcome?
I have a CF'ing property
Lessons learned? Challenges?
This property was offered by another offerer (Seller > Offerer > Norada > Me). In terms of lessons learned - stay on top of things. Don't assume Norada or the Offerer will do the due diligence, nor they would stay on top of items to be taken care of after the inspection. I had to continuously call/text. Proforma was off by a very small number once I got quotes from Insurance. Offerer wanted me to use their preferred lender for no reason, I went with my lender who had me preapproved.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Norada Real Estate, Friends on BP, Shout out to @sachin amin and @aj parikh for all the inputs!!
