My first investment property that started my career

[Amanda Oakley]

Investment Info:

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

Purchase price: $67,000

Single family home with a 1 bedroom studio not attached. Studio has own meters for gas and electric.

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

Honestly when I had went through my divorce my brother gave me the best advice. He said that I needed to find a property that the mortgage would still be paid if I couldn't make the payments. I.E, job loss, injury. So I found a house that needed some work but the unit that came with it was ready to go to be rented out. I was able to finish the house unit and the studio unit paid for the mortgage.

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

I found this deal searching the internet and at that point I was not a licensed agent so I then reached out to an agent to help with the negotiations.

How did you finance this deal?

This was a conventional loan with 20% down. Used a small local bank that kept the loan.

How did you add value to the deal?

Being optimistic and willing to live in the main house without a kitchen for a couple of months.

What was the outcome?

Lived in this house unit for 5 years then purchased another home. Then turning this whole property into an income producing unit. Continued to pay it down and used it to start borrowing from to help obtain other properties. A true monopoly game!

Lessons learned? Challenges?

Becoming a landlord at a young age is difficult. It is also not easy living so close to your tenants, but it turned out to be very profitable. As time went on, being a landlord got easier, and you start screening tenants better.

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

I am an agent