First Investment Property

[Dan Amaro]

Investment Info:

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

Purchase price: $73,000
Cash invested: $26,000

My first tangible goal was to own an investment property by March, 2021. This didn't close until September 7th, 2021.

Thanks to agent Amanda Garcia at Keller Williams in Ashland, OH who inspired me to become a Realtor!

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

Wanting to be apart of something I am passionate about and the cash flow!

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

My Real Estate agent Amanda Garcia

How did you finance this deal?

20% down (50/50 w/ partner) and 80% loan from traditional lender.

How did you add value to the deal?

Splitting the upstairs unit into two apartments and raising rent to market value.

What was the outcome?

Positive cash flow with three of the four units rented. The only unit NOT rented is a commercial space.

Lessons learned? Challenges?

NEVER LET SOMEONE WHO IS CURRENTLY ON PROBATION FOR CHARGES ASSOCIATED WITH DRUGS WORK ON YOUR PROPERTY. Long story short, my soon to be ex brother in law claimed to have known what he was doing with rehab / plumbing work and it was a lie. We overpaid him for crappy work that we had to pay someone to redo correctly.

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

Yes and this experience led me to become a Real Estate sales person.