Updated over 4 years ago on . Most recent reply
1st Investment Property
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Norfolk.
Purchase price: $220,500
Cash invested: $4,500
1st Investment Property. House hacking a 4/2 duplex!
What made you interested in investing in this type of deal?
Looking to scale - MF properties makes more sense.
How did you find this deal and how did you negotiate it?
MLS. Working with a REI savvy realtor.
How did you finance this deal?
VA Loan.
How did you add value to the deal?
I will update windows, have HVAC system installed. One unit was empty and the other is rented at $600. Room to increase rent to $750-800.
What was the outcome?
Closed and moved in to the available unit on 06.25.21
Lessons learned? Challenges?
The market is HOT! I wanted to pay ~ $100-110 per square feet. I paid $129.70. This was the 7th property I bid on. Patience and consistency is key.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. Sean Rooks.