My First Real Estate Investment!

[Quincy Hall]

Investment Info:

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

Purchase price: $80,095
Cash invested: $23,200

I purchased a 2160 sq ft duplex in Chattanooga TN. It is a 2 bedroom with 1.5 bath. I purchased it and inherited a tenant who pays $600/m. I will be doing a few updates to that side of the duplex and raise the rent up to the market value for the area. The other side is currently under going the rehab process and i will the rate will be between $750-800.

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

The instant equity. I purchased this property with $50k in equity before the rehab.

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

My wife found it on zillow but it did not have a price associated with it because it was up for auction. We drove by the property and saw the auction sign out front. We called the number and we place a pre-auction bid in and the bank accepted.

How did you finance this deal?

Conventional Loan and Borrowed money from 401k.

How did you add value to the deal?

By rehabbing the property

What was the outcome?

Yet to come!

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

We worked with David from Supreme Lending and a title company. No real estate agent was used for this purchase.