FHA Owner-Occupied Three-Unit

[Kristie Ashby]

Investment Info:

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

Purchase price: $389,000
Cash invested: $25,000

Three-family ~ I live in one of the units

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

Hearing many stories of successful real estate investors (mainly from Bigger Pockets), I heard that many started by house-hacking, or FHA-ing multifamilies.

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

MLS, no major negotiation. In hindsight, I would have probably offered less.

How did you finance this deal?

FHA mortgage

How did you add value to the deal?

I've made steady improvements over time. I also employed a 203k renovation to replace the roof. Overall, the home has grown in desirability. I plan to keep it for the long haul, so I'll continue to make small improvements if/when tenants move out etc.

What was the outcome?

I'm happy! I currently live in it, and I love it. We are a short walk to a lake, have a little over an acre, tenants are good, and no major issues (knock on wood) - I couldn't ask for more for my first purchase.

Lessons learned? Challenges?

I could have paid less, probably. oh well

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

Candor Realty was good