First property - basic 2 unit - Erie PA - Sean Maloney

[Sean Maloney]

Investment Info:

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

Purchase price: $48,000
Cash invested: $1,200

This was the first investment property I ever bought it's a two unit an upstairs and a Down located on the Lower East Side of Erie Pennsylvania I bought it with a first-time home buyer loan and at that time I did not need to be living in one of the units to get this style of loan it's on a 30-year term and I borrowed $1,200 from my parents to cover the down payment at the time.

I've up dated the unit several times over the past 17 years. I currently have both units rented at $700 per month tenants pay all utilities including water sewer and garbage so it brings in $1,400 a month my monthly payment including taxes and insurance is around $450. If you have any questions I'd be happy to give you any and all details.

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

Was just getting started and a 2 unit is the pretty basic way most think of to begin.

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

Was listed. back then it was a printed Homes book that would come out once per month for the MLS.

How did you finance this deal?

First time home buyers loan - local bank.

How did you add value to the deal?

Lots of fixing and management over the years.

What was the outcome?

Still own it.

Lessons learned? Challenges?

To many to list lol. Older building so pretty much everything you can think of.

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

The agent has been retired and the Bank used I still have the loan with but would not recommend working with them anymore. North West Bank out of Warren PA has not been as great to work with like they were the first 5 years when I started.