The first rock in the (hopeful) landslide

[Marcus Burleson]

Investment Info:

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

Purchase price: $161,200
Cash invested: $1

Duplex with 3 bedrooms and 1 bathroom per unit. Fully renovated.

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

-House hacking, prior to the house hacking label. I had flipped two single families before this and saw that the duplexes in our area were grossly underpriced. One unit's rent made the mortgage payment, and the other was all income!

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

MLS. Used a realtor.

How did you finance this deal?

FHA 3.5% down

How did you add value to the deal?

Value-adds. Again, Brrr (no refi, but a buy and hold). Both sides renovated top to bottom.

What was the outcome?

Hopefully, first child's college fund...

Lessons learned? Challenges?

After less than six months of landlordship I had my first tenant-caused fire. I ended up doing all of the work myself and reinvesting (almost) all of the money back into the property. The amount of money invested in this property is actually a negative number due to the fact that I did the work myself on the kitchen fire. I learned that my personality and my life goals are conducive to being a real estate investor.