Updated about 6 years ago on .
My First Investment Property.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $29,999
Cash invested: $8,000
Lakewood ave is a two-family home. It was my first property that I purchase in the year 2018. I fixed it up and rented it out and refinance and use the money from the refinance as a down payment for a second property, I did the same with the second property just repeated the process, mind you, I did not even know that I was even using the BRRRR. until I started listening to the Bigger pockets.
What made you interested in investing in this type of deal?
I am a Bricklayer for 31 years and you know construction if you don't work you don't get paid. I know that I was not going to keep laying Bricks and Blocks in my older age.
How did you find this deal and how did you negotiate it?
While I was working I found a great real estate agent that was out in the field looking for the deal for me while I was at work and after work, I would go out and look at properties that he suggested that fit my needs.
How did you finance this deal?
Through the banks.
How did you add value to the deal?
By doing light renovations and renting it out.
What was the outcome?
good tenants in the property and getting cash flow.
Lessons learned? Challenges?
That you can do it if you get the right guidance and to give yourself permission to come out of your comfort zone.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not at this time because I've been out of the game for so long. I am now working on putting my team and my contacts back together and also giving myself permission in coming back out of my comfort zone. due to illness and working on my health.
