My First Deal!
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.
Most Popular Reply
#2 Market Trends & Data Contributor
- MD/DC
Congrats on your first deal. It’s a nice looking property. Is $200 mo total or per unit? If total not a great roi particularly for the amount you have invested.