Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $760,000
Cash invested: $210,000
I purchased a 4 unit mixed use property. This property features a 3bed unit, 2 bed unit, 1 bed unit, office space, and a 6 car garage.
What made you interested in investing in this type of deal?
I was interested in this deal because it was a brand new renovation in a booming area of new jersey and also it was under market value.
How did you find this deal and how did you negotiate it?
I found this deal online, I drove to the property and called the sellers agent from the sign on the building. At first they already had a buyer but i continued to call the agent and after 2 months he called me back telling me the buyer fell through and offered me a chance to buy it.
How did you finance this deal?
I financed this deal with a traditional 30 year fixed rate mortgage.
How did you add value to the deal?
I added value by setting up operation, and getting great high paying tenants and lowering the property taxes.
What was the outcome?
The outcome was wonderful. At first it was a ton of work with the banks and getting the home occupied but now it is smooth sailing.
Lessons learned? Challenges?
Don't rely on agents to find you tenants, you need to get online and out in the neighborhood to occupy it yourself.
