My first investment property to get me started in real-estate

[Dylan Miles]

Investment Info:

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

Purchase price: $195,000
Cash invested: $3,500
Sale price: $295,000

My wife and I bought our first house which was a house hack. rented our basement apartment. Paid 700 dollars a month, as much as we were just paying in rent. Lived in the house for two years. The housing market got crazy and so we decided to sell. Would have kept the house but it had low ceilings in the basement and made it harder to rent out. We told the buyers to wait a month so we could hit our two year mark and then we didnt have to pay any taxes on it. We took the proceeds and bought a townhouse in sugar city that we Airbnb and purchase a lot of land in Burley Idaho that we plan to build a new house on.

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

I knew we could house hack and pay what we were already paying in rent and start getting equity.

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

Realestate agent

How did you finance this deal?

We did 500 dollars down as our ernest money. Then rolled the closing costs into the loan.

How did you add value to the deal?

We renovated the kitchen, bathroom, and basement

What was the outcome?

made 85 thousand dollars after paying our realtor fees and used that money to invest in other deals.

Lessons learned? Challenges?

I think it was the best outcome but we got lucky with the amount of equity due to the crazy market.

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

an agent and my parents, Mom was an agent in Texas and dad had been a mortgage lender in Texas.