First Rental Propertyt

[Stanley Spencer Alcorn]

Investment Info:

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

Purchase price: $243,000
Cash invested: $62,500

Triplex, each unit is 2 bedroom and 1 bath

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

Multi family equals multiple streams of income.

How did you finance this deal?

Through a loan through Bank Investment Loan.

How did you add value to the deal?

I have upgraded AC units in all units also small upgrades to other appliances.

Lessons learned? Challenges?

I originally used an Hard money loan to purchase this property at a high interest rate due to me not having all my money for a down payment in time, since then I have refinanced to a conventional investment loan. Lesson learned is do not rush into any purchase no matter how bad I want it, take your time and find the right deal for you.