First rental property

[Duncan Hogan]

Investment Info:

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

Purchase price: $95,000
Cash invested: $10,000

My first property purchase is a duplex where i am house hacking. I live in the upstairs unit and rent out the bottom unit.

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

Having rental income cover my living expenses.

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

On the MLS

How did you finance this deal?

30 year fixed loan on a 10 percent conventional loan.

How did you add value to the deal?

By improving my unit I'm living in and slowly improving the exterior of the house.

What was the outcome?

My downstairs tenant pays most of my mortgage while I live basically rent free.

Lessons learned? Challenges?

Using the different things the home inspector found to help decrease the selling price.

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

I worked with a real estate agent.

[Michael Paling]

Hey Duncan, 

Way to jump in and get started. If you're interested, we have a local group of investors that meets once a month. We've been meeting at the Upper Peninsula Brewing Company in Negaunee lately, but it changes once in a while. Send me a Dm if you're interested or have any questions.