My first Investment Property while attending College at Age 20

[Kwame Amoako]

Investment Info:

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

Purchase price: $260,000
Cash invested: $26,000

Generational wealth starts with us! I thank God for the opportunity he granted me to purchase my first investment property with the help of my partner! I found this property from cold calling thousands of people. 4/100 doors. Purchased this property utilizing a hard money lender. The plan is to hold for a year, sell and use our 200k worth of equity and 1031 into a larger deal with more cash flow. Or to simply hold and wait for this part of town to grow to its max potential!

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

The goal is to own 100 units before the age 30.

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

I found it from cold calling thousands of multifamily owners in Columbus

How did you finance this deal?

Hard money, will refi into conventional

How did you add value to the deal?

Currently turning vacant units and adding a fence to the back

What was the outcome?

One unit has been posted for rent

Lessons learned? Challenges?

Take the time to find a good contractor that you can trust, do not just find the cheapest ones.

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

Myself and Steven Wilson