My first rental property I purchased in 2019

[John Spellman]

Investment Info:

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

Purchase price: $65,000
Cash invested: $10,000

I purchased this 2 unit off market duplex in the city of Trenton back in 2019. I used the first time home buyers grant to fund the down payment and my closing costs. This rental has been cash flowing ever since.

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

It was an off market turn key property, the owner previously was under contract with another buyer and made the repairs that the buyer requested. The buyer couldn't gather the finances to close so the deal fell through. I loved the deal because it was ready to go and the seller was really motivated.

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

My realtor brought me this deal and because the owner was motivated he reduced the price by 10k.

How did you finance this deal?

I financed this deal through Trenton's first time homebuyers grant program they covered the entire down payment and closing cost.

Lessons learned? Challenges?

The lessons I learned was to be patient and you make your money when you buy.

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

I worked with a real estate agent, and lenders on this deal