Closed on our first property!

[Ryan Fultz]

Investment Info:

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

Purchase price: $149,000
Cash invested: $40,000

This is my first deal! We were looking for our first property that would generate some cashflow and give us a chance to learn. Deal is done, renters moving in this week, and we are excited to start looking for the next one!

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

We were looking at SFH and Small Multifamily homes especially for cash-flow. I love my job, and am not looking to leave it, but there is not a lot of room for financial growth.

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

Worked with an agent. It was listed on the MLS and he handled all of the negotiations.

How did you finance this deal?

Cash-out refi on our primary residence.

How did you add value to the deal?

We didn't add much value. It was pretty much rent ready when we purchased. Seller gave us 3k towards some needed repairs and we spent about 1k more getting it ready to rent.

What was the outcome?

Looks like we will have a solid cash-flowing property. Roughly $450 per month.

Lessons learned? Challenges?

Learned that I really enjoy the process. This was a safe one, but I'm looking forward to some more challenging ones moving forward. I'd love to BRRRR a SFH or Duplex next.

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

Kyle Deaton - Gateway Mortgage - He was fantastic.
ReBelle Realty was awesome to work with.