First MF investment property bought by Hall of Fame!!!

[Matt Kauffman]

Hey BP family, just wanted to tell you my story about my first RE deal. I spent nearly 2 years learning, reading, analyzing before I finally pulled the trigger last October on a Bank owned duplex. It sits directly across from the NFL Football Hall of Fame and is in a great location. I paid $50K for it with cash, spent $30K rehabbing it. Three weeks after I bought the house the NFL Hall of Fame announced a giant expansion that would require them buying my property. 

I have mixed emotions still about this because I'm getting $600/side rent plus pet and garage fees. I have great tenants who pay on time and don't need much ever. It cash flows really well. But as of this past week I've reached agreement with the HOF. I'm getting more than 3x what I paid for it but not quite double what i have into it. Either way, I feel I've done well in the sale. At this point I received the 2nd highest price of any of the properties they've bought thus far. 

I'm intending on 1031'ing the proceeds into a larger property, as I'm looking for a small to medium sized commercial rental property. Since this property was purchased I've also added 3 more duplexes to the portfolio. I went from 0 to 8 units in 6 months. I'm learning on the fly but am loving doing this. BP forums, blog posts, and podcasts have been huge for me. 

Biggest part for me is that I've clearly identified my goals regarding where I will buy properties and where I won't. What kind of properties I want to buy and which I won't, as well as meeting some really great people who've helped me out a  lot. BP has played huge part in that. Thank you and look forward to grabbing a few more buy and holds down the road. 

[Michael Boyer]

great post... One for the record books...buying in the path of future development and in strategic locations can add value... Sounds like the return was good and what a cool story you can tell about a "legendary investment"...touchdown!