first real estate deal

[Alejandro Ruiz]

Investment Info:

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

Purchase price: $150,000
Cash invested: $1

Duplex I house hacked for a year before moving out of state again.

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

I wanted to cut my living expense and house hacking was the best way.

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

Found this deal with a realtor. I asked her to show me all multi family properties in the area and this one made the most sense. Asking price was $155,000 and we agreed to $150,000.

How did you finance this deal?

Since I'm military and the house was in good condition, I was approved for a VA loan 0% down.

How did you add value to the deal?

Nothing big was wrong with the property. I did a little yard work fixed the back door and was able to get it rented within the first month.

What was the outcome?

Still own it and rent both sides out. I now live in South Carolina and have a property manager looking after the property.

Lessons learned? Challenges?

Learned a lot on how to screen tennant properly. I went through 3, 12 month leases the first 6 months. lol that taught me a few good lessons and how quickly a unit can get damaged in a few months.

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

My lender Lee Welfel, is an investor himself he does it all and is very knowledgeable about loan process and real estate. My agent was Diana Dominguez, she is crushing the Little Rock market out there.