My first multi-family property purchase

[Shannon Jarrett]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $198,000
Cash invested: $15,000

Small corner multi-family 2 unit building built in 1960. Has separate heating and electric for each unit. Each unit is 2 bedroom, 1 bathroom. Each unit is approximately 1600 square feet.

What made you interested in investing in this type of deal?

I want to build a portfolio of small to midsize multi-family properties.

How did you find this deal and how did you negotiate it?

A real estate agent found this deal for me and I gave what the owner was asking for as far as the sale price is concerned.

How did you finance this deal?

FHA

How did you add value to the deal?

I used a Chicago first time homebuyers grant that provided $7500 in down payment assistance.

What was the outcome?

I currently reside in the property.

Lessons learned? Challenges?

I should have negotiated better.

[Jonathan Klemm]

@Shannon Jarrett - Congrats on your first property purchase!!!!  It only gets easier from here.

How are you handling your maintenance and rent collection?

Also, which real estate agent did you work with finding the property?  Did you enjoy the process?