our struggle / first multi

[Account Closed]

Investment Info:

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

Purchase price: $695,000
Cash invested: $2,500

This is our first multifamily.. we are owner occupied as of right now..- the number one reason we bought this house was the location... Close to our jobs and extremely close to downtown Boston.

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

We had enough of condo living. It was time to make the next move. We wanted a piece of the American dream too!

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

The wife found the listing on Zillow.. out of all possibilities it was Zillow. We had been looking for over 7 months. Had crap income and little money for down payment.

How did you finance this deal?

unfortunately we had to do an FHA. As long as we were able to get out of our condo I didn't mind!

How did you add value to the deal?

The house needed some tlc but we were happy overall. Considering the location and how much shorter our commutes to work were going to be, we were willing to take the risk. Being close to the city also meant more income potential too!

What was the outcome?

We made sure to make a good impression on the Agent selling the house. We explained to the agent our situation and told him on the spot that we were serious and very interested. After we left the property we followed up with an email and gave him our agents information. I think that if we had not made a connection we would have been overlooked. We had learned our lesson from previous showings and told ourselves we needed to be different from other buyers even tho we didn't have a lot of $lol.

Lessons learned? Challenges?

1. We had no electricity for 3 days in our brand new/old home! - totally my fault- because I had only transferred the gas account to the address. It is lots of work and can get extremely overwhelming if the communication is tough between Attorneys...!
2. Never close on a Friday or before a long holiday/weekend !!!
3. Plumbing was not fully done like they claimed it had been. We needed to hire a licensed plumber for a big repair. We were prepared for it because the seller was sketchy.