First investment property

[Grace Widdicombe]

Investment Info:

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

Purchase price: $179,600
Cash invested: $72,500

Contributors:
Greg Widdicombe

Bought a four-plex as first investment property, and still have it today.

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

During the recession I no longer had a paying job, and decided to get into real estate investing. It took me 2 years to finally figure out that we were in position to buy with a mortgage because my husband had w-2 income, and prices were rock-bottom. By that time I had built up a team, had an inspector, and this property came out good.

How did you finance this deal?

Conventional loan, 25% down.

How did you add value to the deal?

I manage the property myself, and as tenants have moved out we have upgraded the interior with vinyl plank flooring, nice molding and more.

Lessons learned? Challenges?

I studied a lot on how to be a successful landlord, and usually I enjoy the experience.