First Multi-Family Purchase

[Dylan Smith]

Investment Info:

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

Purchase price: $205,000
Cash invested: $65,000

Over/under duplex with one unit having 2 bed/1 bath and the other having 3 bed/1 bath. This property was newly renovated when I purchased it.

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

Real estate investing is a side job for me so I was looking for something with low maintenance that I can buy and hold with. I don't have time to manage or take care of properties on my own so having something ready to be rented ASAP was attractive to me.

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

I found it on Zillow and negotiated through my agent.

How did you finance this deal?

Conventional investment loan.

Lessons learned? Challenges?

This was truly my first investment property purchase so the entire process was a learning experience. Understanding the amount of cash you need up front, fluctuating markets, thorough research, etc.

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

Brenda Lewis with Prodigy Real Estate was great every step of the way. I would definitely recommend her to anyone.