Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $360,000
Cash invested: $23,000
Multi Family- bought by our LLC, and will produce high monthly income
What made you interested in investing in this type of deal?
LLC that can max profits from this building.
How did you find this deal and how did you negotiate it?
MLS, I am also a Realtor.
We went in high in a multiple offer situation, it cut out all other offers but didn't apprise. Which led to our benefit, we were able to successful negotiate down to the appraised value .... which was 20k lower than we offered!!
How did you finance this deal?
SBA
How did you add value to the deal?
We closed quickly, which is what the seller was looking for. We also offered current tenants 500 $ to help with moving cost if they agreed to move in the first 30 days. I also waved my commission to help them find Apts.
What was the outcome?
We are currently with in the 30 days, 2 out of the 3 apts are all set to move in the 30 days and are excited about the 500 dollars.
Lessons learned? Challenges?
Hard money lending shows up as a loan. I was under the impression that this would happen first and we would bring cash to the closing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Lender- James at Primary Bank in Bedford NH. + creative financing
