2 Family investment is where I started

[Josh DeBrossard]

Investment Info:

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

Purchase price: $119,000

Bought the 2 unit using a VA Loan for a deal at $119,000. I currently have both units rented.

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

The price of the home was what originally caught my attention and the amount I could get for rents.

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

The owner was a for sale by owner. I cold called him and we met the same week. We negotiated closing cost to be covered as well.

How did you finance this deal?

I used a VA home loan.

What was the outcome?

I was able to close on the property within 30 days. I have had great tenants in there since. I was able to refinance it after 6 mos and pull 100% of the equity out due to it being a VA Loan. I had refinanced it for $165,000 and used the equity to purchase another 3 family two houses over.

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

I was the only licensed real estate professional involved.