Successful first home investment

[Andrew Alan Navarre Rhodes]

Investment Info:

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

Purchase price: $62,000
Cash invested: $5,000

Originally a cash property at 62k. Appraised for 80k after the fact and I pulled cash out of it for another house. Only thing it needed was about 6k worth of work.

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

Duplex that was well taken care of for the price. One side had a long term tenant that's still there.

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

Zillow. Negotiation turned into a cash deal to secure it.

How did you finance this deal?

Financed it later in route to another purchase.

How did you add value to the deal?

Foundation work (leveling), and many many weekends cleaning it up after we got one tenant out of it.

What was the outcome?

So far still producing. No real issues. Just normal tenant nonsense from the last renter who was there when I bought it.

Lessons learned? Challenges?

Fully qualify existing renters or ask the seller to deal with it as a condition to close. One side was long term and is still there. Other side she had no business being there.

Also the property management company I took over did little to help the transition. I got handed a bag of keys and told good luck.

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

Dual agent. Really should have brought my own.