First Rental Property in Saint Louis, MO

[Christian Melendez]

Investment Info:

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

Purchase price: $310,000
Cash invested: $8,970

First property in the portfolio.
Looking to buy and hold.
House hacking.
Rent for the bottom unit will be anywhere around $1500-$1700 a month to help offset the mortgage for the first year.

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

Multifamily

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

Negotiated directly with the seller.

How did you finance this deal?

FHA loan

How did you add value to the deal?

Was able to save money for the seller by avoiding using a real estate agent.

What was the outcome?

Closed on the property. Was able to get a 12k seller credit that was helpful during closing.

Lessons learned? Challenges?

Don't use Chase bank for any future financing.
They are heavily regulated and were not the best with the financing side in terms of transparency and customer service.
Did learn that you don't necessarily need to use a real estate agent when purchasing a property.
A lot goes into the entire process.

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

I did not use a real estate professional negotiated my own terms.