Investment Info:
Small multi-family (2-4 units) buy & hold investment in Granville.
Purchase price: $455,000
Cash invested: $25,000
Own 20% of this multifamily property. Shared with 3 other investors. Total monthly cashflow is $4900
What made you interested in investing in this type of deal?
I was looking for my first RE investment! It was made easier thanks to the help of my co-investors (friends). We were all looking for a multifamily buy-and-hold investment, so we were really excited when one of use presented this opportunity to the group!
How did you find this deal and how did you negotiate it?
One of the other investors found it through exploring the market in Granville
How did you finance this deal?
One of the investors took out a loan in their name. We all contributed to the down payment proportional to the share we would receive of the investment!
How did you add value to the deal?
Bringing capital towards the down payment
What was the outcome?
Property acquired! 2 of the other investors are sharing property management responsibilities (and are being payed standard property management fees split between them). All 3 units were occupied very quickly and the property is now cashflowing above our projections with vacancy rate (so far) below what we expected!
Lessons learned? Challenges?
Basic lessons learned about the overall process of acquiring a house, financing, setting up an LLC and an operating agreement, etc.
