Updated over 6 years ago on . Most recent reply
First post, first property.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $180,000
Cash invested: $10,000
3, 000 square ft duplex. Currently house hacking on a FHA loan.
What made you interested in investing in this type of deal?
I have always had the real estate bug (thought I would be an agent) just didn't know till recently that I wanted to buy & hold. I had a roommate in an apartment I was charging rent that let me see how profitable it could be.
How did you find this deal and how did you negotiate it?
My agent found it for me while we were looking at a quad. They were asking 210k for it I offered them 180k they came back with 200k I returned my 180k and they accepted.
How did you finance this deal?
FHA loan with 3.5% down
How did you add value to the deal?
I did a lot of landscaping and power washing and when tenants move out I'll be redoing their floors. When I find my next ill be redoing my side.
What was the outcome?
It is currently appraised somewhere around 219k
Lessons learned? Challenges?
I think the answer to both is that buying your first property is a long and stressful process and you will be doubting yourself the whole way but it will pay off in the end.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My agent was absolutely amazing! The lender I'll never use again and the contractor I used I wouldn't wish on my worst enemy.