Buying My First Rental Property

[Misael Virissimo de Moura]

Investment Info:

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

Purchase price: $176,000
Cash invested: $12,000

It is a nice multi-family house that does not need a lot of repairs. Easy to rent.

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

The opportunity to stop paying rent and instead make some money.

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

I spent a good one year looking for properties because I knew nothing about buying houses or about renting. But I end up finding this property which made sense to me so I bought it! I found through my Real Estate agent Johana Clark, she is awesome and had patience to teach me and help me throughout the process. I did not negotiate much because I had a brand new credit here in America with only 3 years living here. Therefore I struggled a bit during my mortgage approval process.

How did you finance this deal?

30 year FHA mortgage loan.

How did you add value to the deal?

It is by itself a profitable investment and the seller was a little bit motivated as well.

What was the outcome?

It has been great! I am learning so much and growing with this experience.

Lessons learned? Challenges?

Not knowing anything is always the biggest challenges. I almost bought a single-family due to the pressure to close that I was feeling. Never buy under pressure, calculate and be sure the deal is worthed!

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

Yes, I worked with Johana Clark.
She is awesome! She will help you get the best deal, always.
She really cares about your ultimate goal and I would definitely recond her!