Updated almost 6 years ago on . Most recent reply
First investment property
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Eugene.
Purchase price: $179,600
Cash invested: $72,500
Contributors:
Greg Widdicombe
Bought a four-plex as first investment property, and still have it today.
What made you interested in investing in this type of deal?
During the recession I no longer had a paying job, and decided to get into real estate investing. It took me 2 years to finally figure out that we were in position to buy with a mortgage because my husband had w-2 income, and prices were rock-bottom. By that time I had built up a team, had an inspector, and this property came out good.
How did you finance this deal?
Conventional loan, 25% down.
How did you add value to the deal?
I manage the property myself, and as tenants have moved out we have upgraded the interior with vinyl plank flooring, nice molding and more.
Lessons learned? Challenges?
I studied a lot on how to be a successful landlord, and usually I enjoy the experience.