Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $530,000
Cash invested: $40,000
Purchased a duplex that I'm renovating.
Once both sides are completely reno'd, and after living here for a few years, we will be refi'ing out of this FHA loan.
This will then allow us to re-use another FHA loan for another multi-family.
All while cash flowing ~$200 a month (after all expenses) on this property.
What made you interested in investing in this type of deal?
Using the maximum leverage to own as many doors in a land lord friendly county.
How did you find this deal and how did you negotiate it?
MLS. Used a realtor.
How did you finance this deal?
FHA 3.5 % Down
How did you add value to the deal?
Moved some walls, new electrical, plumbing, paint, flooring, new appliances, paint, landscape.
What was the outcome?
One unit coming to a finish and learning a lot more about D.I.Y
Lessons learned? Challenges?
Pay your contractors, they will take care of you!
Expect the worst and plan accordingly.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes.
The agent and lender I worked with, work with investors and understand how to brainstorm all together to ensure the best possible outcome happens!
