My first investment property

[Randy French]

Investment Info:

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

Purchase price: $443,000
Cash invested: $140,000

Newly constructed 4-plex apartment building on the north side of Casper, Wyoming.

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

I had been working with a realtor for several years and finally had the money to make it work.

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

I worked the deal through a realtor friend. He got the construction loan and built the project, then sold to me.

How did you finance this deal?

25% down, financed the balance through a regional bank.

How did you add value to the deal?

I did not. This was new construction.

What was the outcome?

Completed purchase of the project.

Lessons learned? Challenges?

Lesson learned was trust your mentor. Biggest challenge was being a newby and lack of confidence. My mentor got me through it.

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

I worked exclusively with Dennis Langdon, who was the realtor and developer. Dave Maxner at First Interstate Bank in Casper was my banker. I would recommend those two as a team to work with in Casper for multi-family investments.