Small multi investment

[James P. Taylor ll]

Investment Info:

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

Purchase price: $609,000
Cash invested: $25,000

My 1st step into real estate investing!

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

I had recently separated in a marriage and needed to sell the primary home. Investing in my future seemed to be the edge I needed.

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

When the rates were in the low 2's and multi-family was going quick. My agent found this property before it hit the market and we made a full price off the day it was found!

How did you finance this deal?

FHA.

How did you add value to the deal?

At the time it was just an investment.. I just wanted a melt-family. The value was added after the fact!

What was the outcome?

I bought the property and a few months later the property went up in value 25% and the rents went up each $300.

Lessons learned? Challenges?

1st lesson... have your pre-approval ready. I missed out on a deal that would have been about 20k cheaper even. No challenges.. just stay persistent on what you are looking for.