Updated about 7 years ago on . Most recent reply
1st Investment Property at 23 Years Old.
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Athens.
Purchase price: $110,000
Cash invested: $3,675
I purchased this as my first deal at 23 years old. I am currently house-hacking the space. This means I live in one side, and lease out the other. The monthly rent from my leased unit covers my mortgage allowing me to live rent free.
What made you interested in investing in this type of deal?
I wanted to live rent free. In order to accomplish this, I decided to purchase the property and house-hack it.
How did you find this deal and how did you negotiate it?
I found this deal through a zillow advertisement. I was able to negotiate a price I felt comfortable with through phone calls, listing agents, etc. I was also able to raise the purchase price, but agree for the seller to cover my closing costs. This allowed me to put less money down and finance the closing costs into my loan.
How did you finance this deal?
I financed this deal through and FHA loan for owner occupancy.
