First Investment Property!

[Chad Whitman]

Investment Info:

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

Purchase price: $130,000
Cash invested: $32,500

Duplex unit in Joliet, IL.

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

Was actively looking for my first deal and was focusing on single family and duplexes.

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

Found on MLS. List price was 134k. I offered 130k and it was accepted.

How did you finance this deal?

30 year fixed, with 25% down.

How did you add value to the deal?

I will be renovating the units when they become free to get higher rent.

What was the outcome?

Unit is fully operational and signed leases for the next year.

Lessons learned? Challenges?

This was my first investment property, so it was a bit scary, but I knew the numbers looked good, and I've bought other primary residences, so I used that experience.