First Investment Property

[Samantha Chacon-Johnson]

Investment Info:

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

Purchase price: $338,500
Cash invested: $25,000

My husband and I purchased a duplex to house hack. One side was renovated and we were able to rent it as soon as we purchased the property and renovate our side before moving in. We did all the work ourselves from updating light fixtures, retexturing, and insulating/re-siding.

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

Cheaper rent and equity. Also my husband has the skills to do the rehab.

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

I found it on Redfin. We did not negotiate much, other than we wanted the currant tenants to move out.

How did you add value to the deal?

Renovation.

What was the outcome?

$60k in sweat equity.

Lessons learned? Challenges?

Don't take a HELOC... Take a private loan that is not associated with the house therefore when rates are low you can Refy.

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

Yes.