Any multifamily investors here?
My wife and I recently bought a quadplex off-market. Not sure if we bought "right" but willing to hear an expert's opinion. Been wanting one for a long time but we finally took the leap (we are in our early 20s)
Loan: 25% down, rate: 3.5%
The purchase price is around $800K. The neighbor just listed an identical building and sold for $950k so I think we got an okay deal.
We want to make this a long-term investment but the neighborhood isn't the greatest but not the worst. Thankfully we have some of the best tenants a Lordland can get that have been living there forever and never missed a payment.
Not sure what the market looks like for the next 4-6 years but our plan is to do some remodeling (maybe something minor since this isn't an A+ neighborhood), list it, and 1031 exchange into multifamily in a nicer area (something in Bellevue, Redmond, Kirkland).
Any thoughts, ideas, or advice?
Update(How did you get off-market?): Got a job at AWS. Before my start date, I would drive around cities in king county that were better than Tacoma (some parts of Tacoma are okay but most aren't) with a notepad and pen. I would go on redfin and look at the recently sold (in the last x years. I would put it to the max which I think is 5 years). Remove those from my list and only focus on properties sold before 2005ish because these are most likely boomers or someone ready to sell. Sent them a letter and waited. Boom, I get a call from a sweet old lady that is ready to cash out and retire. Not sure if I got lucky.
Update: If I could do it again I would ask for seller financing. My dumbass didn't even think of that. I'm sure there will be more regrets but taking the first step is better I think.
#personalfinance
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