First deal was no home-run but we got on base!

[Cody Squires]

Investment Info:

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

Purchase price: $430,000
Cash invested: $17,000

We are living in one of the units and we are paying some money toward total expenses, but it is less than we would be paying in rent.

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

Listening to biggerpockets got me hooked on the idea of house-hacking.

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

I was offering on another 4-unit listed on the MLS and the seller said he was going to list this one for sale if I was interested. We took a look and it was much better than the one we were originally offering on. We got it before it ever went on the market.

How did you finance this deal?

FHA 3.5% down-payment owner-occupied loan.

What was the outcome?

We got into a deal and are now saving monthly on rent.

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

We worked with my father-in-law, Curt Keables, as our Realtor and with Shan Conry at Caliber Home Loans as our loan officer. Both were great to work with and I would recommend them for others. I don't know if Shan works with strictly investment purchases, but Curt does.