First Buy and Hold Rental Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $273,000
My first investment property is an owner-occupied duplex. The rent from the other unit covers 95% of my mortgage allowing me to save for future opportunities and keep my cost of living down.
What made you interested in investing in this type of deal?
Buying my first home I didn't want to be forced into a liability with a single-family home. I decided to start researching multi-family and the advantages of buying an owner-occupied duplex as a first home.
How did you find this deal and how did you negotiate it?
Since I planned on living in one half of the duplex I bought off the MLS. The process was trying at times with multi-family being so competitive in the Spokane Area, but well worth it in the end.
How did you finance this deal?
I used traditional financing with 15% down.
How did you add value to the deal?
I have slowly been upgrading my unit with new paint, countertops, backsplash, exterior doors, and upgraded A/C unit.