First Investment Property

[Yusef Griffin]

Investment Info:

Single-family residence buy & hold investment.

My first rental property, it is an out of state turnkey property. I live in California but this property is in North Little Rock, AR. I used this purchase to get my feet wet and as a confidence builder. Plan on buying MFHs from here on out.

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

I was new and didn't really know much. My local REIA group had a team in place already and were willing to guide me through the process of buying my first property. They look the time to answer all of my questions and go over things when I was confused. Starting with a SFH seemed like the easiest way to get started, but now I know that all transactions require the same steps (for the most part), even though the number of units may be different.

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

My local REIA group works with turnkey providers throughout the country. I was given the opportunity to purchase one of the properties they were offering and jumped on it.

How did you finance this deal?

I used a conventional 30 year mortgage with a 20% down payment.

Lessons learned? Challenges?

I can definitely go out and find deals on my own after the hours of self-education I put in after signing the purchase agreement. I learned that MFHs are definitely the better route in my opinion. I know that real estate is not as difficult as people think it is, as long as you educate yourself and put in the work to understand what you are doing. There were no major difficulties with this property being that it was turnkey.