You can plan out an investment, pore over a spreadsheet for hours trying to calculate risk and return precisely, and talk to experts about what could go wrong. Due diligence is important.
And yet sometimes the best way to learn all of the ins and outs of a project is to just move forward, learn from what happens and the mistakes you make, and reinvest that knowledge into your next project.
It is a three-unit property in the city of Buffalo with three bedrooms and one bathroom in each apartment. It was an off-market deal brought to us by our investor agents with an asking price of $202,000, which was our purchase price.
All three units of this property had current tenants when we bought it. We, therefore, inherited the tenants. We had assurances from the prior owner that tenants were “good.” We were also shown documents providing evidence that they were current with their rent.