First rental property

[Carl Nestor]

Investment Info:

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

Purchase price: $235,000
Cash invested: $35,000

Duplex house hack. Currently I am rehabing 2nd floor unit after tenant moved out. Slow but steady progress.

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

This is my first investment property. I live in the 1st floor unit. I decided to use it as a learning curve for the trades. So I know about the work Ill be hiring them for.

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

I used a real estate agency

How did you finance this deal?

FHA with my own money

How did you add value to the deal?

Rehab

What was the outcome?

Value is approx 350k now

Lessons learned? Challenges?

Time versus work is really important. Finding hidden problems during rehab. Learning to trust other peoples work.

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

Definitely recommend agents with more than a year experience