First Rental Property

1 Reply

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Evansville.

Purchase price: $120,000
Cash invested: $29,000

Duplex with two units both with 2 bed/ 1bath. Bottom unit has full basement and 2 1/2 car detached garage.

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

I was tired of kicking tires and my realtor found it and after doing number everything made sense.

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

My realtor found it while I was playing baseball during the season. She showed it to me over FaceTime, and we negotiated it down a little but numbers made sense.

How did you finance this deal?

Conventional loan

Lessons learned? Challenges?

I immediately hired a property management company for just the one duplex and after a couple months and a few minor maintenance calls that cost well over what they should have, I started managing myself and have my own team.

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

yes, Kristina Rhodes with FC Tucker in Evansville, IN. She is amazing, and she and her partner both have rentals so they understand.

This was my first rental back in 2017, since then I BRRRd another in 2018 that I had originally considered flipping but liked area and felt it was better to hold.  Planning to purchase 2 more by the end of the year this year.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you