My first property - Buy & Hold

[Troy Deverill]

Investment Info:

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

Purchase price: $388,500
Cash invested: $36,700

In process of screening tenant prospects still. Rent is expected to be 1700 for main floor and 1550 for basement, utilities included.

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

It was my first investment and I wanted a low stress property to get my foot wet.

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

I used a realtor and it was an MLS lead, started off at 365k and ended at 388.5k

How did you finance this deal?

Conventional financing through a bank

How did you add value to the deal?

Added a bedroom in the basement, adding appliances on the main floor(not sure if this added value or not, but definitely made it more rent-able)

What was the outcome?

Still waiting to see.

Lessons learned? Challenges?

Do your homework ahead of time! I wish I would have vetted contractors ahead, and vetted some GC's. I used my realtor as a GC and his communication with me is awful.

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

The only person who I worked with that I would recommend, is Grant Burslow, via Jencor Mortgage. He is fantastic to work with, and I am continuing to work with him.