Investment Info:
Small multi-family (2-4 units) buy & hold investment in Norfolk.
Purchase price: $414,000
Acquired this property as a househack in September 2017 off the MLS. It's fourplex in a historic district in Norfolk, VA. I househacked and self-managed it from purchase time to December of 2020. The property was built in 1908, and I learned first-hand why fixing every part of the property up in a BRRRR is such a great idea! It was close to a homerun househack, where I had to pay on average $250 a month in operating expenses to live in a 1000 sq. ft. 1 bed 1 bath. In December of 2020 I refinanced and rented my old unit out and am now cashflowing about $800 a month!
***The image of the property is older, I fixed up the walkway, garden and a lot of the exterior.
What made you interested in investing in this type of deal?
I've always wanted to find a good-;ong term investment strategy, and real estate was it.
How did you find this deal and how did you negotiate it?
I found it on the MLS, was able to negotiate about 20k of the asking price.
How did you finance this deal?
0% down VA Loan
How did you add value to the deal?
A lot of exterior upgrades, replaced the roof, garden, walkway, etc. On the interior I've replaced windows, removed bad paint and fixed many of the small cosmetic issues that come with an older house.
What was the outcome?
It was tough at first but after moving out I am making $800 a month cashflow!
Lessons learned? Challenges?
Many many many. The bottom line is do your research and preparation thoroughly, and if you can't fix everything at once, have a plan to take care of it over time. Do not let maintenance issues sneak up on you. Seek them out and handle them before they become a crisis.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My realtor was Jason Robinson of Norfolk, VA and I strongly recommend him.
