My First Rental Property

[Stanley Spencer Alcorn]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $243,000
Cash invested: $62,500

Triplex, each unit is 2 bedroom and 1 bath

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

Always wanted to get into investing in property so I can just enjoy life and do what i want to do in my own time. Currently live in the bay area and the market out here has prices so high, so look to get into a cheaper market which wasn't too far is why I look into Las Vegas.

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

Found i on Zillow, didn't do much negotiating but will next time.

How did you finance this deal?

I went through a broker and had to get a hard money loan because I was receiving a gift so my interest rate was a little higher than it had to be.

How did you add value to the deal?

Resiliences, originally had the loan through quicken loan and they told me after giving my earnest deposit. But was able to find a broker that was able to still get the deal down.

Lessons learned? Challenges?

I would have taken my time and found a better way to finance but since then I have refinanced to a way lower rate than I was.