Updated over 4 years ago on . Most recent reply
First Investment Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Fargo.
Purchase price: $180,000
Fist rental property. Did a house hack in a 3 plex while fixing it up. Became a on site property manager. Moved out in 2018 into my second house hack.
What made you interested in investing in this type of deal?
House Hack (didn't know it was called that at the time). Have tenants pay the mortgage and live basically free.
How did you find this deal and how did you negotiate it?
Used a Realtor. They accepted my offer after a previous sale fell through.
How did you finance this deal?
FHA Loan.
How did you add value to the deal?
Made updates. Better tenants.
What was the outcome?
Lived pretty much for free for 2 years. Moved out and found a tenant for the unit I lived in. Now is a cash flowing property.
Lessons learned? Challenges?
Old houses need work you wouldn't think about.