1st investment property

[Josh Lemery]

Investment Info:

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

Purchase price: $340

Single family home converted into 2 units. 1 unit is section 8.

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

It was a house hack. I lived in one unit and the renter( section 8) paid my mortgage. Allowed me to save for my next property.

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

Real estate agent

How did you finance this deal?

First time home buyer FHA loan. No money out of pocket.

How did you add value to the deal?

Bathroom remodel and minor cosmetics.

What was the outcome?

So far up about 170k in equity.

Lessons learned? Challenges?

Never rent to a friend. I rented to my best friend and its so hard to raise rent on your best friend.

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

Yes