Updated 3 months ago on . Most recent reply
First Real Estate Transaction
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $330,000
Cash invested: $60,000
This deal was structurally sound, cosmetic rehabs to 2 of the 3 unit, built a fire escape for the third floor to be a legal apartment, now cash flows about $800/mo after all expenses.
What made you interested in investing in this type of deal?
Getting my feet wet in investing in real estate!
How did you find this deal and how did you negotiate it?
My Realtor at the time showed me this deal as I was aggressively hunting 2-4 unit deals that would make sense.
How did you finance this deal?
Residential mortgage lender financed under my personal name.
How did you add value to the deal?
Cosmetic rehab
What was the outcome?
Cash flowing $800/mo.
Lessons learned? Challenges?
I learned all about the tenant screening process, permitting process, and how important relationships are in real estate.