A place to live instead of a wedding ring

[Kay Hart]

Investment Info:

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

Purchase price: $160,000
Cash invested: $200,000

We got married and needed to find somewhere to live. Our landlord at the time advised us to purchase.

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

We were starting a family and wanted a property where if we became unemployed it would still pay for itself

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

There was a posting in the newspaper.
I called the owner who was a flipper and we struck a deal we did not even have the full downpayment but he made a separate deal with us where we paid him cash for the deposit.

How did you finance this deal?

WE got a mortgage

How did you add value to the deal?

My husband is quite handy so he was able to do the renovations and maintenance

Lessons learned? Challenges?

Visit your property prior to purchase if you can during bad weather.
The day we closed it rained and the rain poured through the roof in the extension.