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Updated over 4 years ago,

User Stats

8
Posts
6
Votes
Shannon Jarrett
  • Homeowner
  • Chicago, IL
6
Votes |
8
Posts

My first multi-family property purchase

Shannon Jarrett
  • Homeowner
  • Chicago, IL
Posted

Investment Info:

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

Purchase price: $198,000
Cash invested: $15,000

Small corner multi-family 2 unit building built in 1960. Has separate heating and electric for each unit. Each unit is 2 bedroom, 1 bathroom. Each unit is approximately 1600 square feet.

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

I want to build a portfolio of small to midsize multi-family properties.

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

A real estate agent found this deal for me and I gave what the owner was asking for as far as the sale price is concerned.

How did you finance this deal?

FHA

How did you add value to the deal?

I used a Chicago first time homebuyers grant that provided $7500 in down payment assistance.

What was the outcome?

I currently reside in the property.

Lessons learned? Challenges?

I should have negotiated better.

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