My current situation...

[James Bridges]

Investment Info:

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

Purchase price: $265,000
Cash invested: $2,500

Beautiful rehabbed 2 flat.
I decided to House- hack this purchase without ever knowing that was what it was called
I happened upon the BP site by just finding real estate forums and I have been hooked ever since.

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

I wanted to use real estate as a vehicle to become debt-free (besides my mortgages) and I wanted passive income to supplement my pending pension income.

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

I worked with a very knowledgeable agent who was very familiar with the neighborhood where I wanted to invest and she found a gem for me and my family.

How did you finance this deal?

I am a vet and used my VA loan

How did you add value to the deal?

I did the research to figure out how Section 8 in my city worked and advertised and found an ideal tenant.

What was the outcome?

Great tenant, because its a new rehab we have had very few issues in either unit.
I found an insurance company (AHS) that fixed anything on the inside of your unit for $45 per month
This took the place of hiring a handyman as I am not very handy myself with this type of work
I have used them 3 tomes in 2 years.

Lessons learned? Challenges?

I see that contractors take shortcuts that are usually not discovered until months sometimes years afterwards.
We had some electrical issues and some minor flooding issues that we had to go through.

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

I found an excellent roofer for the chicago-land area. I can offer his number upon request.
Fast, excellent work, very reasonable pricing.