JUST GET ON BASE, Singles and doubles are still good plays!

[Maxwell Fontaine]

Investment Info:

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

Purchase price: $74,500
Cash invested: $5,600

House hacking is my first deal. Used the FHA 203K full loan to rehab the property and just get my foot in the door in the game. Using no property management to take the tenant issues or rents to stay cash flow positive but also to learn how to actually deal with tenants.

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

I was sick of paying rent to my old landlord, I felt like I was giving my money away. So when I learned someone else can pay my bills I jumped at the opportunity to build up my net worth and cover my largest living expense.

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

Wholesaler!!! My real estate agent was close with the wholesaler and let me get a FHA loan instead of getting the cash buyer that he probably was looking for. I 100% leveraged their relationship.

How did you finance this deal?

FHA 203K FULL loan.

How did you add value to the deal?

I rehabbed half of the duplex (the side I live in), and inherited an amazing tenant. I added 50k in equity with using a 30k rehab. No its not a home run but I pay no rent so I am excited.

What was the outcome?

So far I am loving it more and more every day. Completely blessed.

Lessons learned? Challenges?

You dont know what you dont know, a book or podcast can not give you enough information compared to actually going through the process. Just take the jump and you will understand.

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

I HAVE THE BEST AGENT AND MORTGAGE BROKER IN VIRGINIA!
They are specialists in their world, don't think you are saving money by not using a agent. The amount of time you lose trying to do things yourself vs just using an agent far outweighs the "savings".