First 3 family property

[Justin Parrella]

Investment Info:

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

Purchase price: $1
Cash invested: $1

3 family home in Brooklyn that we owner occupy & rent

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

Good house, numbers worked, and the location worked for us as a house hack

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

Regularly checking our local listings and running the numbers on leads. We worked closely with our RE agent to negotiate the property.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

We're making updates and fixes to the property over time

What was the outcome?

We have our first house hack / rental property. Enjoying the experience so far and learning a lot.

Lessons learned? Challenges?

Still early on, so we're learning. The biggest challenge so far has been finding great people for various aspects of managing the property. Since we're early on, we've spent more time than I expected vetting people (e.g. contractors). We want to build up more of a group of folks we enjoy working with regularly and can trust over the long-term.

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

Worked with a great RE agent I'd recommend