First multi-family purchase

[Marlon Roberts]

Investment Info:

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

Purchase price: $280,000
Cash invested: $10,000

This unit was purchased as an owner occupied home and also to generate rental income and help lower my living expense. Unit was purchased using FHA guideline.

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

Owning multiple multi-family homes has always been dream of mine and I look forward to seeing it reach its fullest potential.

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

Found this deal using Realtor.com and used a realtor to assist with negotiations.

How did you finance this deal?

FHA 3% down

How did you add value to the deal?

Doing minor repairs on each unit.

What was the outcome?

Property value increased over the years

Lessons learned? Challenges?

Still learning

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

None as yet still working on building my team.