The First Step is the Hardest

[Chad A Mckibben]

Investment Info:

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

Purchase price: $11,000
Cash invested: $11,000
Sale price: $6,000

This was one of my first investment properties. It was an up and down duplex. Was in fair shape I purchased it at an auction.

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

It was a cheap way to get into real estate

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

Online auction site, purchased it at the live auction

How did you finance this deal?

I paid cash for this property

How did you add value to the deal?

It was empty when I purchased it. I was able to get tenants in the property and generating income.

What was the outcome?

After numerous horrible tenants, and break ins when it was vacant, I sold the property

Lessons learned? Challenges?

Better Locations will generate better tenants that take better care of the property