I wanted to invest in a small multi to lessen my cost of living, give me some hands-on landlording experience, and allow me to increase my savings rate for future investments.

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

I found this deal on the MLS. My realtor sent it to me and we went from there.

How did you finance this deal?

It's financed through an FHA loan. The plan going in was to put 3.5% down, but during negotiating it was increased to 5%. it's a 30 year fixed loan.

How did you add value to the deal?

No value was added yet, but I did ask for credits on some of the deferred maintenance on the property. I plan on rehabbing the property to increase its value and rental income.

What was the outcome?

I now have the first investment property under my belt. This househack will help me save a few hundred dollars a month over my current rent. Now I'm paying down a mortagage and gaining equity.

Lessons learned? Challenges?

Lessons learned for the first time home buyer: inspections are helpful, get an oil tank sweep, don't be afraid to ask for credits the worst that happens is the seller says no, shop your homeowner's insurance around, have all your financials ready, be organized.
Challengers: getting the leases in hand, getting a quick response from the seller,

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

I worked with Vaughn Smith and Drew Walls. Vaughn was my real estate agent. He was extremely helpful and patient from the very beginning. He made the process as simple as possible with his knowledge about various strategies and markets. Drew Walls was my lender. He was invaluable in explaining the different options we had and always made himself available to answer any questions. He was always monitoring rate changes, ensuring we got the best rate possible.

Daniel Gonzalez

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