My first real deal as an agent on an investment property.

[Benjamin Sargent]

Investment Info:

Small multi-family (2-4 units) other investment in Ogden.

Purchase price: $247,450
Cash invested: $7,500

I represented my brother as his real estate agent and got him into a single family home with a mother in law apartment that was rezoned as a duplex. The bottom unit rents out for $750 and is super close to the university so it's very nice to rent to students. They will keep the property and move out and rent both units in a couple years and start their rental portfolio.

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

I got interested in this type of investing because of bigger pockets. When someone is paying half your rent is something anybody would like.

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

I found this deal on the MLS and requested a showing to show my clients. The selling agent happened to be someone I knew just in passing. When we found out that we could do this deal together and have it go from her family (her daughter owned the property) to mine made it easy.

How did you finance this deal?

We did a conventional loan for this deal.

How did you add value to the deal?

I was able to add value to this deal by getting a slightly lower price and have the agent mention to her daughter to really consider our offer when they could have waited a got a higher offer.

Lessons learned? Challenges?

I learned to check the zoning to let the lender know because that makes a difference.