First Deal Complete!

[Joey Gorombey]

Investment Info:

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

Purchase price: $270,000
Cash invested: $10,000

FHA house hack on a triplex, I pay $200 - $400 a month with reserves accounted for. After moving out, the deal will cash flow $200-$400, assuming I don't raise rents, improve the property, or shift utilities to the tenants.

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

It's right next to downtown in a city with a major university and four hospitals

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

Found the deal through Zillow. I went in at the asking price because the numbers still worked at the asking price, and I wanted the deal for myself.

How did you finance this deal?

With my own money via FHA loan

How did you add value to the deal?

I plan to add value by adding washer/dryer units and dishwashers

What was the outcome?

I will be moving in two weeks, paying $200-$400 a month to live there, and that's with reserve money set aside.

Lessons learned? Challenges?

Be ready for your plan to change. We had to amend the contract to adjust for closing due to rate locks.

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

Lucas Little is top-notch!