My 1st real estate deal!

[Michael Strobel]

Investment Info:

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

Purchase price: $146,500
Cash invested: $3,000

1st deal was a House Hack. Bought a duplex. Moved into one side and the other was already rented at $650. Had a friend move in with me and I was getting $950/mo when PITI was only $809. Was able to live well below my means. Learned the basics of landlording over the next 2 years.

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

The Lynchburg market is a very transient area due to colleges in the area and real estate is relatively cheap as compared to where I am from in PA.

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

MLS and through a Realtor

How did you finance this deal?

VA Loan

How did you add value to the deal?

Sold a motorcycle and put that money into improving the kitchen

What was the outcome?

House hacked for 2 years. Learned some of the fundamentals of landlording. Lived SIGNIFICANTLY below my means.

Lessons learned? Challenges?

Moral to the story, for your first deal, you will not have everything figured out. Don't be afraid to jump. Especially if you are house hacking!

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

Yes. Jeremiah Cochenour was a great realtor and very helpful for an aspiring real estate investor.