First investment property

3 Replies

Investment Info:

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

Purchase price: $139,900
Cash invested: $14,000

Duplex and property #1

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

Duplex that was reasonably priced and in good condition

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

Through a big box wholesaling company

How did you finance this deal?

Hard money loan

How did you add value to the deal?

Still in the process, but going to rehab and also raise rents to market value

What was the outcome?

Tbd

Lessons learned? Challenges?

Closing does not always happen as scheduled

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

After rehab, I'll determine if I recommend

Originally posted by @Terrell Murray :

@Femi Salami congratulations on this investment. The $14,000 was that cash required to secure the hard money loan?

Yes and no, I put 5K down for hard money, 5K in closing costs, and then I also paid the sellers closing costs too

Hi Femi, congrats on the first investment property. Would you recommend your HML? What were your lending terms? 5k down sounds pretty good compared to what I've been seeing.

Do you plan on GC’ing this or hiring a GC for reno?

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