Updated over 4 years ago on . Most recent reply
First Time Buyer and New Landlord!
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $315,000
Located in a college town and quiet street. It a small multifamily: duplex and a little lipstick property.
What made you interested in investing in this type of deal?
I have always wanted to invest in real estate and I always had a passion for construction. I had a wake-up call from myself to go ahead and take the leap, therefore I drive into this property and ready to learn more about my passion.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS and surprisingly the negotiation went pretty smooth + easy.
How did you finance this deal?
I am utilizing the FHA Loan for the first-time home buyers and planning of using the BRRRR Method later.
What was the outcome?
The outcome is that it is finally mine, and I was able to purchase the property with a low downpayment. The property is currently occupied by long-term tenants.
Lessons learned? Challenges?
Lesson learned: be more educated about the closing process - I was not completely aware that I would be taking care of the cash to close (other than the downpayment).
Challenges: I am part of the military and for some reason, my finances were delay therefore, we have kind of put more effort into the closing process. I am also on the west side of WA state and the property was on the east side, and with that, I have only seen the property once (during inspection).