1st Rental property in 2005

[Francois Turgeon]

Investment Info:

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

Purchase price: $205,000
Cash invested: $30,000

This 1921 duplex with a 2 car detached garage was purchased by my deceased brother and I. We did all the work and lived in it until i finsihed building my own house March of 2018.
I ended up generating good money with good tenants because of the great quality of work that we upgrade inside and out.

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

Live, remold, refinance and keep …. now looking to repeat.

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

Back in '05 I found it in the free Real Estate magazine

How did you finance this deal?

20% down and conventional

How did you add value to the deal?

remolding

What was the outcome?

easier and higher rent then next door neighbor

Lessons learned? Challenges?

We should have kept on going with this, now 14 years later i'm ready

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

Not on this deal I contacted the seller realtor. Asking price, in '05 it was a seller market for sure.
Plus we went for "location-location-location".