My first property (at 20 y/o)

[Connor Kerr]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $141,500
Cash invested: $31,000

This is my first property. It is a househack dulpex. It's by no means a homerun, but like Brandon Turner says, your first deal just needs to be a base hit, just get on base. And that's exactly what I did, and at 20 years old too!!

What made you interested in investing in this type of deal?

I was drawn to SMF by the cashflow and the fact that they are easier to househack.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS. It was listed at 145,000 and I offered asking. It got appraised at 140 so the bank wouldn't give me the loan, so I offered 141,500, but the extra 1500 came straight from my pocket. I also got them to fix a couple of issues prior to closing.

How did you finance this deal?

I got a conventional loan with 15% down. All the money came from me.

How did you add value to the deal?

I was the funder, the renovator, and the property manager.

Lessons learned? Challenges?

Inflate your numbers when you analyze a deal. Even if you think you did, inflate a little more, there are always unexpected costs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a family friend agent who was on his 3rd year as an agent and absolutely killing it. His name is Eric Henry with Keller Williams and he is outstanding. He went above and beyond to find me and negotiate a good property. If you're looking to buy in the Akron/Canton area, contact Eric Henry.