Finally purchased my first property

[Jay P.]

Investment Info:

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

Purchase price: $120,000

2/1.5 duplex Sale price was 115k. I had the seller pay 5K of my closing cost so it bumped the price up to 120k. I also qualified for a down payment assistance program. And, I actually received a check at closing so I did not pay any closing cost.

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

I wanted a multifamily property so I could house hack it and try to keep from spending as much money upfront as possible.

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

I have a rock star realtor that sent me the deal and he pretty much took care of everything.

How did you finance this deal?

Had seller pay 5k of my closing cost plus received down payment assistance.

How did you add value to the deal?

I'm not sure I added value. My real estate agent and my mortgage lender were awesome and took care of everything.

Lessons learned? Challenges?

It took 7 months to get the deal done due to different things so I learned that anything can and will happen, and you just have to be patient and go with the flow. Also I learned that the better the team you have in place (agent, mortgage folks, etc), the smoother everything will be.

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

Chris Quinn with HoM Realty was amazing. He can be found here on BiggerPockets as this is how i ended up finding him. Also Ricky Stone with CMG Financial took care of the financial side of things and made sure I was approved and also was instrumental in getting me the down payment assistance. Those 2 guys were my dream team and will be my go to guys for future projects.