First Home Purchase 2020

[Jenny Bermeo]

Investment Info:

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

Purchase price: $350,000
Cash invested: $14,000

Currently my residential home.

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

Honestly, it was during covid and interest rate were all time low, so we rolled the dice on this property. Not the most ideal way to buy your first home.

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

In 2020, our landlord gave us a month to find a new apartment and we asked him if he knew anyone who was currently selling a house. He was the one who introduced us to one of his flipped houses and we fell in loved with it.

How did you finance this deal?

I co-signed it with my older brother. It was the only way we were able to get approve for an FHA mortgage loan.

How did you add value to the deal?

Adding value to the deal is properly where we fell short. We did not do enough research regarding how to correctly purchase a home or about getting the best mortgage rate.

What was the outcome?

Fortunately, we have a comfortable home. When we used to rent, there were moments when are heater did not work during winter times and we had to use five bed sheets to keep us warm. Now, we have everything that we never thought we could every have because of our income.

Lessons learned? Challenges?

Many lessons learned and challenges that still come by me everyday. Yet again, I look at my house and I am happy.

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

N/A