Getz Properties LLC First Rental

[Mike Getz]

Investment Info:

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

Purchase price: $89,500
Cash invested: $21,000

Bought a single family home at 15% down. Put an egress window in the basement extended a wall for a bigger bedroom slapped up some new paint throughout the basement and now cashflow 1k a month on my first property within my first month.

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

My wife and I started researching real estate investments 3 months ago and knew it would be our way out of from working for someone else. We wanted a multi family but the 25% down was steep so we found this property and turned it into a multi family.

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

Found it through realtor.com. went and looked at it saw the basement was roughed in for a kitchen and bathroom just needed to put some easy final touches on it.

How did you finance this deal?

Conventional financing 15% down with a 30 yr mortgage

How did you add value to the deal?

By finishing the basement

What was the outcome?

Exalent cashflow for our first property we plan on refinancing it due to it being a multi family now so the value went up. We plan to pull our money back out and purchase another.

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

We worked with Lori Miliam at KW real estate. Her and her assistant Erika were amazing to work with. Lori knows exactly what our goals are and what we are trying to accomplish in our timeline. She has rentals for her own.