My First Deal!

[Alex Longinidis]

Investment Info:

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

Purchase price: $275,000
Cash invested: $57,000

Link to the post-completion post here:

https://www.biggerpockets.com/forums/12/topics/1243638-first-rental-property-success

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

Thought I was moving out to Ohio, ended up just turning it into a rental property.

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

My parents actually considered buying it first, they backed out, I ran the numbers and found that it seemed to work for several different exit options, and put in an offer. Negotiated through an agent using items found in the home inspection as well as local comps.

How did you finance this deal?

Loan from family.

How did you add value to the deal?

Rehabbed all units.

What was the outcome?

All units rented for a +$200/mo. cashflow. Not a home run, but we're in the black.

Lessons learned? Challenges?

Lessons learned summarized in a post here: https://www.biggerpockets.com/forums/12/topics/1243638-first-rental-property-success

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

Yes. Agent and PM.

[Alex Longinidis]

@Sam McCormack

Thank you!  Just happy to be in the black on the first one, and happy to have an investment that is paying down the loan & building equity on it's own with the PM handling the day to day.