Investment Info:
Small multi-family (2-4 units) buy & hold investment in Phoenix.
Purchase price: $355,000
Cash invested: $195,000
Bought this as part of a 1031 exchange, under rented @ $2650 a month. Updated 2 units to date and now we have rents at $3900 a month. Soon to update other 2 and rents will be at market @ $4700 a month.
What made you interested in investing in this type of deal?
Went for SFR qt $1500 a month used equity to increase monthly cashflow.
How did you find this deal and how did you negotiate it?
MLS negotiated with owner based off current rents and condition.
How did you finance this deal?
30 year fixed
How did you add value to the deal?
Turned over 2 units to date, few other updates
What was the outcome?
Increased rent to market. $2650 to $3900
Lessons learned? Challenges?
Nothing really be patient and turn over the units correctly with updates needed
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
