First Ever Deal!!

[Andrew Bravo]

Investment Info:

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

Purchase price: $317,000
Cash invested: $55,000

I acquired a Quadplex in 2021 with an FHA loan, investing ~$21,000 in down payment and closing costs, plus $30,000-$35,000 in remodeling. Currently house hacking and finishing the unit I occupy. The process has been gradual due to limited capital and DIY work. Nearing completion, aiming to finish renovations by year-end and move onto the next deal.

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

In 2021 I began listening to bigger pockets podcast episodes religiously and got the real estate bug. I kept hearing about house hacking and how it was the best way to get started so that's what I did.

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

I found this deal off market; it was my girlfriend at the time's uncle who owned it, and we pitched him the idea of buying it from him. Surprisingly he said yes, and we got the deal done.

How did you finance this deal?

I used traditional financing FHA Loan

How did you add value to the deal?

I've added a ton of sweat equity. and still am today. I have year of 7 years of experience with drywall, and paint work so that helped me out a ton.

What was the outcome?

I believe the property have appreciated in value just based off recent sales in my market area. At least 150k in equity.

Lessons learned? Challenges?

I've learned a lot on the managing side of the business, as well as the rehab side DIYing a lot of the work myself.

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

just a lender, he was good. I would definitely recommend him to others if anyone is looking for a lender in the Georgia/Tennessee area.