My First Buy and Hold

[Akasha Manthe]

Investment Info:

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

Purchase price: $65,000
Cash invested: $15,703

1931 Built Brick Duplex. 1,6658 sqft and 4,600 sqft Lot

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

At the time the numbers were afford able to me and I wanted to buy a duplex as my first buy and hold property.

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

A family from my church owned a construction company and had multiple rental properties. I reached out to this family and found out they had property that would be a great selling price for me and made sense with the numbers as well. It was a for sale by owner and had the property inspected by a house inspector. Upon the completion of the inspection I had to review the numbers and new the sale price would not change from what the owner said. However, it was a great deal to I didn't negotiate.

How did you finance this deal?

I financed the property through my credit union I reside in. True Home Solutions, LLC is the mortgage company name.

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

I was in contact with a real estate agent from my church. While I didn't by the home from the real estate agent I still learned allot about what landlords look for . I was also connected with a few other landlords in my town. I was able to to learn the "start up " prep. I was also connected with my local and regional real estate investors.