First Deal First Investment

[Joe Abesamra]

Investment Info:

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

Purchase price: $360,000

Split two family ranch style with a great bones. Other than interior cosmetic updates it was move in ready! The yard was entirely fenced in with an in ground pool.
My partner and I lived on either side so we didn't capitalize on full potential of rental income, but it was a great first house to enjoy the yard, neighborhood, and pool in the back yard!

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

The potential for rental income.

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

Working with a buyers agent.

How did you finance this deal?

Large mortgage company.

How did you add value to the deal?

-New Roof
-Updated outlets / cosmetics
-Deferred landscape maintenance

What was the outcome?

My partner in this deal bought me out and currently resides there.

Lessons learned? Challenges?

We did not anticipate the roof needing to be done, but lucky had reserves in the bank to cover!

Also that life / circumstances between partners changes quickly!