Passive income and equity

[Kevin Molina]

Investment Info:

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

Purchase price: $365,000
Cash invested: $60,000
Sale price: $500,000

Hello this is a mult-family home. 2 units with 2 bedrooms and 1 bathroom in each. First floor is connected to the basement for additional space and a 1/2 bathroom. Has a driveway that fits 3 cars easily and a backyard that can hold about 8 cars easily.

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

I wanted to start earning passive income and build equity on the home to be able to purchase another home and start building a real estate portfolio

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

Found it through an agent after multiple attempts of trying to do it alone. A deal that was before mine fell through and the person accepted my offer as I was next in line.

How did you finance this deal?

FHA

How did you add value to the deal?

Renovated the first floor and basement and added things here and there along the way.

What was the outcome?

Still rented and equity is growing

Lessons learned? Challenges?

Take the risk. There will always be a sense of fear in new things and obstacles along the way. But if you really want it and are determined then go for it and do it the right way. You won’t regret the journey.

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

As of now I do not.