Check out my profile for more! Short story my partner and I got very specific on our criteria and once we did found a cash flowing (from day one) duplex in a great neighborhood. Jerry Jones famously said "I never regret paying a premium for a premium". Though I am always looking for a deal, this premium has paid off. 10% cash on cash return, $1173 cash down in a tough market. Lots of learning experience gained with confidence built in our partnership.

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

My partner and I felt comfortable with our surrounding market in an asset class we knew well.

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

The MLS is not a ghost town if you can stomach paying over, just make sure it still cash flows with 25% down. We actually lost the first bid but our agent and lender knew the listing agent, giving us the first call back on a multiple offer situation.

How did you finance this deal?

Traditional financing of 25% down 30 year mortgage. About three weeks prior the feds had just raised investment rates but we stayed the course, always sticking to our criteria just adjusting the factors.

How did you add value to the deal?

The property ended up being very close to my work giving us an easy opportunity to self manage and save on that cost. We also knew the end of the moratorium was coming because of our network and staying on top of the reports coming out. We were able to raise rents very quickly, and a lot.

What was the outcome?

Strong cash flow. Reinforced partnership. added bonus of fast equity build due to market, but also because we bought intentionally close to I-5.

Lessons learned? Challenges?

Use a PM for tenant placement. This was a our biggest lesson. But also when you are close to finding a property to buy after what feels like an eternity, be sure to breath. Excitement can be distracting and there were stuff we definitely missed. Even big stuff our inspector missed!

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

Brian Alfi at Windermere and Dan Keller at New American lending! True pros with all the connections and knowledge an investor could need.