First Investment Property Purchased
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
House hack. We are living upstairs for the time being and renting out the downstairs apartment. Although there is a little more "Property" (landscaping, walkway, etc) than I want to maintain long-term, this will be a long-term BH for us.
What made you interested in investing in this type of deal?
It was the easiest and quickest way to close on our first property.
How did you find this deal and how did you negotiate it?
MLS, Local Agent. We offered the asking price as the market was just picking up and we weren't finding anything else in the area with multiple units that wasn't completely run-down. Being that we were planning to live in one of the units and were just about to have another child, we didn't want to be living in a fixer-upper.
How did you finance this deal?
Traditional 30 yr Mortgage
How did you add value to the deal?
Provided the financing and am the acting property manager.
What was the outcome?
Market has spiked since purchase; renters are paying down the mortgage with me.
