My first deal I was scared, but it ended well.

[Quentin Mitchell]

Investment Info:

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

Purchase price: $15,000
Cash invested: $21,000

I decided to share my first deal, it was smaller multifamily in a Class C neighborhood the upstairs unit work had been started but the floor was the only thing I could use because the paint was God awful, so I had to repaint it. Other than hardwood floors upstairs and the roof I had to redo everything else, but after the initial fear, I got over it and began working. Long story after 3 months of rehab I was able to get the first in the unit in month 4 and it is fully rented now bringing in 1500.

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

I was interested in the deal because it fit my strategy and the price point was low enough where I could make a mistake and it would kill and gain experience at the same time.

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

A broker that I deal with showed me the property and I negotiated down off the initial price and the seller excepted.

How did you finance this deal?

Cash

How did you add value to the deal?

Updated the house especially bathroom and kitchen.

What was the outcome?

I make 1500 a month off of the property and I had in appraised in June and the value is more than my purchase and rehab price.

Lessons learned? Challenges?

Fear is an illusion it will not be perfect but nothing, so just keep it moving.