Investment Info:
Small multi-family (2-4 units) buy & hold investment in Fenton.
Purchase price: $250,000
Cash invested: $120,000
4 unit Building. (3) 2 br / 1ba units (1) 1br/1ba unit
What made you interested in investing in this type of deal?
I was researching house hacking and multi family real estate and decided to take the plunge.
How did you find this deal and how did you negotiate it?
Found house online and contacted agent.
How did you finance this deal?
Sold my primary residence. Took my equity and financed conventionally through mortgage company
How did you add value to the deal?
I am currently in the process of renovating all units. 2 are done and 2 are in work. We added a pole barn to the property as well.
What was the outcome?
Still a work in progress. Have 2 units rented and I live in 1. So far so good. But taking longer than I anticipated to complete renovations. I am doing them all myself and work full time.
Lessons learned? Challenges?
Renovation budgets can be more than anticipated. In future deals I will consider this. Doing the renovations yourself can be time consuming. If time is of the essence, I would consider a contractor in the future. I am fortunate enough to be able to take my time with this property as it is also my primary residence.
