Our first property

[Kyle Wilkinson]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

3 unit commercial/residential building. The unit has 1 retail space that is occupied by my wife’s business. It has a 1 bed 1 bath apartment. Then the last unit is a large 2 bed 1 bath.

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

The ability for my wife to have a store and also have passive income from the 2 apartments.

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

My wife saw the mls listing. We contacted our realtor we used for our house. The unit needed a significant amount of work and we were able to get credited for a couple large repairs. I completed the remodels in my free time.

How did you finance this deal?

20% down on a local bank loan.

How did you add value to the deal?

Remodel of the units. Exterior uplift.

What was the outcome?

The unit has cash flowed and appreciated in value.

Lessons learned? Challenges?

The amount of hours in the repairs were a challenge working a full time job. I used some vacation time to help get it done with the assistance of friends and family.

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

McKenzie with Watson Hennese’s group Keller Williams. We have used her for 3 properties at this point and everyone of the transactions have been great thanks to her dedication to her work and willingness to get us answers.