First investment property RI

[Yanick Koenig]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $460,000
Cash invested: $80,000

Off market deal purchased using hard money with a $100,000 rehab budget. The plan is to rehab and move into it to house hack until we find the next deal.

What made you interested in investing in this type of deal?

We’ve been looking for a multifamily to purchase to start our journey that needed some work. This one for the bill.

How did you find this deal and how did you negotiate it?

Our agent helped us find it from a wholesaler. We put the offer in with his guidance after walk through.

How did you finance this deal?

We financed it using a hard money lender.

How did you add value to the deal?

We are planning to rehab the vacant unit first starting this week (last week of March 2025). Hoping to turn over a few units within the next 6 months.

What was the outcome?

Still working on it.

Lessons learned? Challenges?

I learned what an estoppel was. I didn’t get the proper information about the tenants before inheriting 3 of them so I’m learning as I go there.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely I worked with Lyon Property Group and they’ve been unbelievable!