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Updated over 5 years ago, 09/12/2019

User Stats

82
Posts
35
Votes
John McAllister
  • Specialist
  • East Greenville, PA
35
Votes |
82
Posts

My First Deal to break into real estate.

John McAllister
  • Specialist
  • East Greenville, PA
Posted

Investment Info:

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

Purchase price: $250,000

Muti Unit

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

Wanted to buy a muti unit to get into the investment side and become a landlord. It was a muti unit in my neighbor hood and I knew the owners son.

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

Private sale. Owner is retiring and selling off his investment properties.

How did you finance this deal?

FHA loan and 4% sellers assist. Plus I had been saving the pass 18 month aggressively so I had cash for balance of closing cost.

How did you add value to the deal?

The numbers are crunched without the barn rented out. I will rent it out for storage space or to a local business to store materials. The 3BR unit is completely renovated, I plan to add a 1/2 bathroom so when I rent out it will be more appealing to a family.

What was the outcome?

I will have my first rental unit. And my plan now it to live in it for a year and then buy another one and rent this one out.

Lessons learned? Challenges?

I learned the process of buying a house since I never bought one before. I also utilized my contacts that I meet in real estate meetups.

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

I have an agent friend I spoke to it about, but it was a private sale so no one direct.

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