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Updated over 4 years ago,
My first multi-family property purchase
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.