All Forum Posts by: Michael Devens

Thank you!

Looking for more opportunities to invest.  I have 200k available for my next opportunity.  I want to make sure I have all the tools possible at my disposal.  I do believe this venue will give me greater access to people and tools.  Ultimately, I would like to invest in commercial retail property.  I manage large commercial and industrial properties now for my employer, I am a facilities manager for a large utility company in my area.  I want to be able to invest enough to be able to leave my current employer.  Don’t we all.  I have a good amount of skills that put me in a very unique position, which I want to start to leverage, to work toward my goal of leaving the utility company, working for myself, doing something I absolutely love.  

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $150,000
Cash invested: $75,000

3 family. Live in one apartment. Renting out one apartment, currently renovating one apartment

What made you interested in investing in this type of deal?

Purchased from my dad.

How did you find this deal and how did you negotiate it?

Always new about the opportunity. My dad did not want to sell to me. It was a hard fought battle.

How did you finance this deal?

Bank loan

How did you add value to the deal?

My construction trade background. I am also very handy. Most of the work on this property was done by myself.

What was the outcome?

Still own the property. Once the renovation on one of the apartments is done, I will be cash flowing $1800 a month.

Lessons learned? Challenges?

There have been many lessons learned. I will spend more time answering in detail.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did work with a family friend who is a realtor. Was given great advise. The property needed a lot of work. I joined my local landlord association, started building contacts and connections that ultimately made this venture a success.