Updated over 6 years ago on . Most recent reply
My first property - Purchasing a house with a VA home loan
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $215,000
Cash invested: $10,000
Two Units - 2 Bedrooms each
What made you interested in investing in this type of deal?
I was interested in real estate at a young age. I knew that living in one unit while fixing it up and renting it out when I moved was a safe investment.
How did you find this deal and how did you negotiate it?
Zillow. I had a realtor show me the place and put in an offer immediately.
How did you finance this deal?
Used a VA Home Loan to purchase this property with no money down
How did you add value to the deal?
Lived in one Unit for 2 years. While living there I replaced the kitchen counter, removed the carpet and got hardwood floors. Painted and removed trees.
What was the outcome?
Still own it. Great first investment for me. Currently have around 45k of equity after 3 years and with no money down.
Lessons learned? Challenges?
I could raise the rent on the bottom unit from 915/month to 1100/month. Don't let your tenants get to know you.