From Webinar to Multifamily rental owner in 30 days

[Ramona Jackson]

Investment Info:

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

Purchase price: $17,000

I attended the 11/6 webinar on How to Evaluate and Offer on Rental Properties. My husband and I had toyed with the idea of experimenting with real estate investing for a number of years. Inspired to close out 2019 with a win, we got into our car and drove and hour and a half to Macon on a tip from a family real estate investor. We viewed about 15 properties, came home and put in 3 offers. We closed with cash on a duplex on 12/6, just 30 days after resolving to "just do it".

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

We focused on FSBO properties under 20k within a mile of a major university. This met our budget and risk appetite. Armed with nothing but Zillow listings and an understanding of how to evaluate deals we spent a day in the market putting eyes on potential properties. Negotiations with 2 of the 3 properties was difficult due to seller unresponsiveness, but the 3rd was quick and painless. We enlisted a local real estate attorney for contracting and title coverage. And now we're renovating.

How did you finance this deal?

Cash