Updated over 7 years ago on . Most recent reply
First investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment in East Point.
Purchase price: $110,000
Cash invested: $22,000
Duplex with a 4BR/2BA and 1604 square feet
What made you interested in investing in this type of deal?
I was listening to a local real estate investment radio show and became interested in becoming an investor.
How did you find this deal and how did you negotiate it?
I asked m Dad, the real estate agent, to find it for me.
How did you finance this deal?
Traditional financing
How did you add value to the deal?
I added W/D connections to each side.
What was the outcome?
I still own this property today.
Lessons learned? Challenges?
I manages the property and had to evict an older couple for dealing drugs. I notified local law enforcement about what I had seen and they made several arrest at the property, including the tenants, and found drug paraphernalia on site. This evidence made it easy to get a favorable ruling for breach of contract during the eviction hearing.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Cornelious Williams Sr. Was my agent.