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).