My First Major Real Estate Deal
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $475,000
Cash invested: $20,000
In May 2017 we purchased a 3/. 1,100 sqft house for a total cost of $485,000 with a $339,500 Mortgage at 5.25% Interest.
We did minor renovations inside the house, and we rented the converted garage as a in law unit. Bringing it to a total of 4/2.
What made you interested in investing in this type of deal?
I got fired from a business i was running for the past 5 years
How did you find this deal and how did you negotiate it?
Through Zillow, with realtors
How did you finance this deal?
Bank of the internet who than changed to Axos bank
What was the outcome?
Total cost of renovation:: $7,933 Total money spent on project: $154,433 Sales House Value: $600,000 Selling fees: 5%= $30,000 Total capital gain: $76,067 Cash on cash: 50%
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?