Changing the future for my family one property at a time!

[Marchae Peters]

Investment Info:

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

Purchase price: $325,000
Cash invested: $18,000

1st investment property bought using FHA loan.

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

I have always wanted to buy a home but it always seemed out of reach for me due to school loans and salary. But i started listening to BiggerPockets on YouTube and 6 months later I have my first property! I knew i wanted to become a landlord and start to make my money work for me and not go to other people. Small Multi family offered me that ability via a FHA loan.

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

I had spent 4 months looking at many properties. By the time I found this one I had already bid on 3 others and lost each one because I believed I was not bidding high enough. When we got to this property I had become aware that I was not one-month pregnant and that getting a home would be much more crucial for our futures. So when I bid on this property, I offered them exactly what they were asking for and stood my ground.

How did you finance this deal?

I used a FHA loan, saved rigorously, took on a 3rd job for 15 weeks, and borrowed money from my sister.

How did you add value to the deal?

I was able to get the owner to complete the majority of the needs on the inspection report. The house then appraised for $ 5,000 more than the asking price. I have currently already but $18,000 worth of upgrades into it.

What was the outcome?

Unbelief, and sheer happiness! I am very proud to have made a move that will change not only my future but the future of my children.

Lessons learned? Challenges?

Ask lots of questions and don't stop asking till it all makes sense. Don't continue working with someone out of niceness, make sure they have your best interest at heart. Don't be afraid to offer/ask for what you want even if it sounds crazy. Believe in yourself and know that you deserve every bit of what you want!

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

I loved working with Shayla Hollaman who was my Realtor and Dustin Fannin from Union Savings Bank.