The 1st phase of my dream has finally come true

[Daphne C.]

Investment Info:

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

Purchase price: $225,000
Cash invested: $7,875

So thankful & excited to learn and do more of the same but bigger and better. My first duplex is now under my belt.

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

10 years or so to retirement and not wanting to depend on anyone at that time.

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

Looking at local listing and working with a realtor.

How did you finance this deal?

FHA financing

How did you add value to the deal?

???..No inspection required...My brother did an initial thorough walk-through with me and gave me the thumbs up. He does estimations for a restoration company and has 10 years experience. FHA completed the inspection and only required scrapping and painting ($200-$500) Brother and I did the work. I know that FHA and home inspection is different. I will acquire a home warranty and if I need anything additional, I will call brother again and he has a host of connections if needed.

What was the outcome?

???...A winning bid.

Lessons learned? Challenges?

Build a stronger network...Expand my knowledge learning as much as I can.

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

Remax 2000 - Ask for Irene...She is great and on top of the game. Looked at other properties while we waited to hear back on submitted bids...won the bid on the 5th try. She never gave up on me. So Thankful!