Gathered the Courage and Took a Dive

[Genaro Fernandez]

Investment Info:

Small multi-family (2-4 units) private money loan investment in Oakland Park.

Purchase price: $440,000
Cash invested: $38,000

Nice little duplex made into triplex, purchased to be used as a Primary Home / Investment Property to start off in Real Estate Investing world.

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

Honestly after reading a couple of books and listening to some people that were already in real estate, it made me think a multifamily property may be one of the best investments. Throughout most of my life here in the States, my family and I had always rented and lived through 3/4 different multifamily / split houses. This really got me going & made me think that my landlords at the time must be doing something right by having invested in these multifamily properties and getting multiple rents.

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

I found this deal through a friend of mine, Miguel Navarro, who is a Real Estate agent and had helped me map my whole “beginning to invest in Real Estate” plan out.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

The property was not in the best shape possible, that was very noticeable; and we were open to taking it easy and doing a lot of the work ourselves and asked for credits with what needed to be fixed imminently.

What was the outcome?

We were able to negotiate a lower purchase price, and closed down on our first home (which also serves as a first investment property for us as well).

Lessons learned? Challenges?

Many, many lessons and many challenges as well. Being that this is our first home and we had pretty much enough saved for the down payment, we really had to put in some work to get the remodeling done and make it nicer to be able to rent at more market level rents. Did learn some lessons as well where sometimes it may be better to spend a bit more out of pocket to have someone fix things that aren’t so easy or need a bit of expertise.

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

Miguel Navarro, P.A.