Investment Info:
Small multi-family (2-4 units) buy & hold investment in Superior.
Purchase price: $135,000
Cash invested: $26,000
3 unit buiding that is close to the college here in town. Two upper units that are one bedroom one bath and I Iive in the bottom unit with a roommate which is 2 bedroom, office room, and one bath. Renovated the bottom unit and one upper unit will need to be renovated before the next tenant goes in. Applying lease and splitting utilities coming in the spring.
What made you interested in investing in this type of deal?
I did a lot of research on real estate investing and this deal popped up off the market. So, I jumped on it and saw that plenty of money was to be made on this deal. I got the financing, not necessarily the financing I was looking for, but I new I had to get that first one.
How did you find this deal and how did you negotiate it?
Distant family member let me know about it.
How did you finance this deal?
Through a bank in town called Superior Savings. 20% down, 5/1 ARM.
Lessons learned? Challenges?
Just stay organized and when the bank asked for things get the information to them quick, this makes the process much better. This was my first mortgage ever, so there were plenty of challenges during the process and trying to learn how it all works out.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jordan DeCaro, Remax Results, Duluth, Minnesota and Superior, Wisconsin
