My first investment

[Dean Miller]

Investment Info:

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

Purchase price: $360,000
Cash invested: $89,000

found this building on zillow 20 minutes of it being listed.
fell in love with the architecture. It has had a tremendous amount of work done to it.

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

I have been researching and wanted to get started in the investment side and owning of rental properties.

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

I found it on zillow. I have family that lives in chicago. they are remax agents so they helped me through the process.

How did you finance this deal?

pulled a HELOC from my current home for part of the down. and the reals was a conventional loan. 20% down.

How did you add value to the deal?

made a offer above asking and paid for closing. had to have repairs done on my end since it was a as is building for the bank to allow it to close.

What was the outcome?

just closed on the building. need to do another round of final repairs on 2 units.

Lessons learned? Challenges?

I learned to ask if a property has leans on it when the offer is accepted.
and have more reserve cash than you think you need.

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

Yes. Chad lubben at the lubben group, Jaime compos as a real estate agent in chicago.