My very first property. Bremerton, Wa.

[Paul Schneider]

Investment Info:

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

Purchase price: $270,000
Cash invested: $5,000
Sale price: $345,000

First property purchased. Large 2 story duplex in downtown Bremerton. I had the exterior painted prior to sale. I also cleared out a lot of neglected blackberry bushes in the backyard. Held for a year and sold. Not much to say, honestly.

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

It was my first purchase and I had enough people punching me in the face telling me to go multi-family.

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

I found this home sitting on the MLS for well over a year I believe for $250,000. I asked the sellers to put a new roof on it which cost around $20,000 due to it being a flat roof. I'm not sure if that's accurate for a flat roof but I went with what the management company and my realtor told me. I then purchased the home for $270,000.

How did you finance this deal?

I used bank financing.

How did you add value to the deal?

I did minimal cosmetic work to the interior and had the exterior painted.

What was the outcome?

I held the home for a year and decided to put it on the market when I saw how much the market appreciated in such a short amount of time. I also believe that the home was severely undervalued.

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

Johan Bester with Windermere.