Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Four family property that I bought and have been improving over the years, as each unit came vacant and general property maintence from needed repairs over the years. Rents are currently up 35% from when I started in 2019
What made you interested in investing in this type of deal?
Have been wanting to for a long time. Most of my family all have rental properties and with raising a family it was put on back burner for awhile.
How did you find this deal and how did you negotiate it?
Knew the neighbors, as I helped them buy the properties and they shared the owners info when they thought about selling it. Being that I am in real estate, I negotiated a deal off market with the sellers and handled the transaction myself.
How did you finance this deal?
Conventional financing
How did you add value to the deal?
Been improving nonstop since I purchased, putting most of the profits back into the property
What was the outcome?
rents are up over 35% at this time, in about 3 years and will continue to go up as well. Also, value has prob almost doubled since purchase
Lessons learned? Challenges?
Maybe biggest lession learned was leveraging more help vs doing everything myself. Otherwise, it has been a great investment
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself, as mentioned above and I would highly recommend myself, lol. Seriously though, I have a very extensive background in construction and real estate. I personally spent the first part of my life on job sites, learning everything from new construction to gut rehabs, property maintenance and retail remodeling. My family owns a decent amount of rental property, so I have learned a lot from working with them over the years on their properties.
