Updated over 5 years ago on . Most recent reply
My 1st (but not last!) Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $165,000
Bought duplex as our 1st "home" on a VA loan with no money down. Lived in upper for 5 years while the lower tenant paid the mortgage. Currently cashflowing average $800 with 2 longterm renters. Located close to colleges. Last appraisal came in at $200K+. Re-financed at 3.25% Planning to hold for foreseeable future.
What made you interested in investing in this type of deal?
Seemed smart to have someone else pay your mortgage....
How did you find this deal and how did you negotiate it?
Realtor brought it to us. Was over our initial budget, but had great rental history, so we took a gamble.
How did you finance this deal?
VA loan
How did you add value to the deal?
New paint, carpet, and some upgraded light fixtures. After hailstorm, got new roof and aluminum siding. Did all work myself.