First Property in the BAG!!

[Sandy Ruiz]

Investment Info:

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

Purchase price: $310,000
Cash invested: $200

Closed on our first duplex! Purchased it for $20,000 below market value, with only about $20,000 down this includes appraisal and inspection fees. We're going to live on one side for the first year for some additional savings ($650 per month).
Thank you Bigger Pockets!

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

Its a house hack / rental investment

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

I have an AMAZING REALTOR - Andrieve Dacosta . She negotiated a price cut and seller paying 2% of closing.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

We already have a tenant living on the other side that loves the apartment as is. We will be making updates to the floor and bathroom ourselves while we live in the other unit. The property came with a lot of land so there's some potential there.

What was the outcome?

We're moving in at the end of the month - We're going to live there, fix up our unit, and see what we can do with the land. We would like to add another two doors.

Lessons learned? Challenges?

We just closed and already had some tenant issues and even a repair. We got some credits when negotiating the deal after the inspection and I'm happy my agent pushed for it. If they say the AC could go out, it could go out two weeks after closing. This is what happened to us.

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

Yes, a good realtor will take you a long way. I am glad I had one. If you're looking in South Florida, I highly recommend Andrieve Dacosta .