2016 Flashback First Property(Damn...Time Goes Fast)

[Randall Kates]

Investment Info:

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

Purchase price: $91,000
Cash invested: $30,000

Buy And Hold grossing $2400 monthly all in at $120000 that achieves the 2% rule which as many may know isn't easy to do in New Jersey!! Taxes, Taxes What about Taxes?? Initially they were at $6700 which was a huge chunk I challenged them and got them lowered to $5200. O yea so I house hacked and used the FHA 203k! Still not satisfied I moved operations across the bridge to Philadelphia.. This baby here was my first foray into Real Estate I definitely learned a lot with this one!!

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

Desired a safe parachute into the world of real estate and offset my living cost!!

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

Circa 2016 Home Path 3.5 % down + closing cost

How did you finance this deal?

FHA 203k

How did you add value to the deal?

Forced appreciation via remodel

What was the outcome?

Property has 55k in equity grosses $28,800

Lessons learned? Challenges?

Should of utilized more of the 203k money meaning should of added more towards my budget instead of being tight!

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

I myself am a Realtor I worked with my broker at the time s/o Gary Degree 1st Degree Realty!