My first small multi-family deal
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $245,000
Cash invested: $3,000
Currently house hacking with this property. Upper unit rents out at $1,140 and mortgage is $1,800. Late 2023 both units will rent out and have a projected cashflow of $600/month before any holds. I used the VA for this deal and looking to do it again with a 4 unit property.
What made you interested in investing in this type of deal?
I wanted to get my foot in the door with real estate investing. I figured this would be a good way to start!
How did you find this deal and how did you negotiate it?
I found this deal through a realtor, and since I was using the VA loan I didn't have to put any money down. I had the seller cover most closing costs and I purchased a lower interest rate with the lender.
Lessons learned? Challenges?
I learned that I should go bigger now, and I got an insight on the closing process. Now I know that EVERYTHING is negotiable. I hope to use my experience with the first property to hopefully have a better closing experience with the rest.