Rookie Investor in the Real Estate Industry

[Eric Williams]

Investment Info:

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

Purchase price: $210,000

I purchased my first property back in 2015. It's a 2 flat. I live in 1 unit and rent out the 2nd unit.

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

I figured it would be a great way to lower my cost of living because my tenant would cover the majority of my mortgage payments. Lowering my cost of living enables me to to save for future investments.

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

At the time my sister was a real-estate agent. She had access to the MLS which is where I found my first property.

How did you finance this deal?

I finance this first deal using an FHA loan. I also received a 203k loan which financed up to 35k for home repairs.