Investment Info:
Small multi-family (2-4 units) buy & hold investment.
I purchased a 3 family Investment property
What made you interested in investing in this type of deal?
My ultimate goal is to have enough cash flow to leave the 9-5.
How did you find this deal and how did you negotiate it?
I love research. I spent several hours, days, months looking at potential deals. I wasn't really going to purchase this property at first as it was a short-sale under contract. Once I heard that the deal fell through, I gigured I go for it.
How did you finance this deal?
Creative Financing for sure.
How did you add value to the deal?
I renovated one of the units completely. All rents were a few hundred bucks under market value. I raised all of the rents and got everyone under a 1 year lease.
What was the outcome?
CASH FLOW. One of my apartments are up to date and modern. The other tenants are happy because the previous owner did nothing but collect the rents.
Lessons learned? Challenges?
Be prepared to adapt. It was a challenge working on the property from the day it closed. Even when you think you are over your head, just remember your purpose.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Richard Clarke - Exit Realty (South Jersey & Delaware)
