N Orchard First Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $409,000
Cash invested: $140,000
Bought this fixer up with a hard money loan. Learned the hard way (pun intended) how not to buy your first home. I did almost everything wrong- other than take action and pursue the end result. Lots of potential here. Two homes, one lot. Both being managed by a third party and going well so far. I lived in the main house for a while and "house hacked" to help pay for the 4k mortgage.
What made you interested in investing in this type of deal?
I wanted to get in the market soooo baddddd.
I saw an opportunity, and leaped. -Built a plane on the way down as they say...
How did you find this deal and how did you negotiate it?
I just looked at the mls, looked for a fixer upper, and didn't negotiate much. Waived inspections, since I am a contractor and no job scares me.
How did you finance this deal?
Hard money at first, then refi out conventional
How did you add value to the deal?
Fixed up two existing homes. Rented one out while living in the other.
What was the outcome?
Great location, great first home.
Lessons learned? Challenges?
Definitely learned a lot. From financing to negotiations, to what the market wants... there are so many moving parts.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I did all the work myself, my realtor basically sent the proper paperwork and forms for me. I wish I had my License then.