How I Bought a 4plex As My First Investment Property (+The Numbers) | The Journey to Wealth 12
Wonder how I purchased a 4 plex at a BIG discount in the hottest market in the country - Las Vegas, NV? I was able to purchase this property nearly $40k off the market value by being persistent, patient, and convincing a seller to use seller financing to sell the property to me.
If you're a beginner and haven't been able to land a deal yet, hopefully this video will show you that sometimes you need to be really persistent when pursuing your first investment property.
*** How I Found the Deal ***
I purchased a list from ListSource of small multi family owners in Las Vegas.
I wrote handwritten mailers multiple times to every owner.
A few owners called me from my mailers.
One owner owned the property 100% and was open to seller financing
*** Seller Financing ***
Seller provides the financing instead of a bank or traditional lender
I offered him the option of holding a note of $240k, 5% interest, amortized over 30 years, no balloon
*** The Numbers ***
Purchase Price: $260,000
Interest Rate: 6.5%
Property Taxes: $1,600 / year
Insurance: $168 / month
Gross rents: $2,550
*** The Deal ***
My first deal will hopefully be my worst. This is my first 4 plex investment property and I made a lot of mistakes. This deal taught me how to buy real estate investment property. The property likely will be break even or slightly negative cash flow. Finding and closing on this 4 plex investment property was a great real estate crash course for a beginner and I learned a lot. I'm hoping this deal will help me land future 4 plex investment properties in better areas.
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