First property and not the last!

[Jared Joseph]

Investment Info:

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

Purchase price: $169,000
Cash invested: $11,000

My first property / First house hack / First Eviction / First rental assistance / First everything! Great property I acquired through my partners and mentors. I've already learned so much from this gem.

2 units - one tenant inherited - Not in Denver.

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

Bigger pockets and my mentors and partners.

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

Found through my mentor and negotiated with him.

How did you finance this deal?

Family gave a gift to get started. Sellers concession also helped.

How did you add value to the deal?

Renovated parts of the vacant unit and a bit of landscaping done. No big value add here.

What was the outcome?

Rented and successful first multi under my belt.

Lessons learned? Challenges?

When someone is behind on rent, start the eviction process immediately. It depends on the state that you're in, but the sooner the better. I went 6 months without the inherited tenant paying rent. They are now up to date on payments and everything is current.

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

Yes my partners as well as myself. I'm a Keller Williams Team Realty agent in Clifton NJ. One of the few brokerages I know that has an entire investment division that focuses on helping people acquire investment properties.