First Investment Property

[Nathan Holt]

Investment Info:

Small multi-family (2-4 units) other investment in Lanesville.

Purchase price: $130,000
Cash invested: $3,991

This is a buy and hold fix and flip house hack all in one. It has quite a lot of work to be done but when it is finished we plan to have it in shape to pull in 1,100$ a month in rent from each unit. Im not sure why the website changed the location once I put it in but it wont let me go back and change it. The property is not on Lanesville it is in Newark Ohio.

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

I have been researching house hacking for the last two years after deciding that real estate would be the best method for me to use to achieve my life goals.

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

It was off market. My realtor brought it to me. We made the offer he was asking for ($140,000) but the appraiser said the property was only worth $130,000. With the FHA loan we weren't able to pay any more than 130,000, so we ended up closing with that number (we were happy to do that).

How did you finance this deal?

FHA loan with 3.5% down

How did you add value to the deal?

We are currently cleaning it out and planning and preparing for our renovations. We plan to move the laundry room from the basement to where the kitchen is now, and move the kitchen to the dining room and make it half dining half kitchen. We will be putting new floors in, re-painting after repairing some walls and re-doing the bathroom as well.

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

Amber Burns from Red One Realty was absolutely amazing.
Julie McFarland from GoMortgage was also great to work with.