First Investment Property

[Joelle Parker]

Investment Info:

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

Purchase price: $65,000
Cash invested: $11,000

Our first investment has been a long time coming. We’ve been working towards this for a few years, and it is very exciting to finally see the fruit of our labor!

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

We were especially thrilled to start our investing journey with a duplex, and it was even better that the tenants desired to stay and had been consistent with rent for many many years.

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

This deal was brought us off-market by a friend. He knew the person selling this property and asked if we were interested. We were not interested in the initial asking price, but countered with a much lower price. We feared it was too low, but we were not willing to accept anything more and left it in Gods hands. They surprisingly agreed.

How did you finance this deal?

The friend who shared this deal with us offered to provide the loan.

Lessons learned? Challenges?

So far, it’s almost going a little too smoothly and we sort of feel like we’re just waiting for the fall. But maybe not. The only thing about it is that the property hasn’t been very well taken care of, so we know there’s a lot of work to do to fix it. But we’re ready for that. :)

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

Not at this time.