Bought first investment from family
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $10,000
Cash invested: $53,000
This was a run down house my father in law owned he had given to to someone on lease to own but they wanted to get out. I decided I can purchase the house and fix it to rent it. I have fixed one floor with local contractor and installed new heating cooling and water. There is more work needed and will take another 3-4 months to finish everything up after that I estimate 2200 rent flow.
What made you interested in investing in this type of deal?
Just wanted to invest in something and idea popped after watching some random real estate video on youtube.
How did you find this deal and how did you negotiate it?
There was not much negotiating as I got it from family.
How did you finance this deal?
Cash
How did you add value to the deal?
I am fixing every floor and installing new appliances which added value the house is worth 77k in county records not sure what value it would sell at but I anticipate 85-100k.
What was the outcome?
Got motivated after a good start to my investing
Lessons learned? Challenges?
Many lessons learned with who to work with and what type of contractor to hire and also how to scout maybe for next investment.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No I created all deed documents myself and recorded them with county.