FirstReal Estate Investment

[Steven Pool]

Investment Info:

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

Purchase price: $82,000
Cash invested: $24,343

Duplex with long time tenants.
NOI: 1016.25
Necessary Capital Expenses: Roof $7,200
Updates: Bathroom reno $2,200
Utilities to be Split: TBD

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

Zillow/Realtor/Trulia

How did you finance this deal?

30 year Fixed rate mortgage

How did you add value to the deal?

In the process of renovating the bathrooms in one unit, splitting the utilities so each unit is on its own meter, replacing the windows in the upper unit.

What was the outcome?

So far it has been good.

Lessons learned? Challenges?

This is my first rental property and I have had issues almost immediately with the tenant that has been there for over a decade. In December he was hospitalized for several weeks and has been in and out of the hospital since then. He has been layed off since then and is seeking unemployment. He is currently a month late in rent.

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

Realtor Jamie Dalbec with Coldwell Banker
Loan Officer Mark Anunti with National Bank of Commerce