The start to my real estate journey

[Mike Barone]

Investment Info:

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

Purchase price: $130,000
Cash invested: $50,000
Sale price: $405,000

First House Hack lived in 6 years and made a nice ROI. This is where it all began.

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

I was ready to move out on my own and it was in my price range at the time. It was really run down, and I saw the potential.

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

My stepfather lived up the street and told me about it. Being 21 my negotiating skills were not that sharp but I made the best of it.

How did you finance this deal?

I used a first-time homebuyer FHA loan with 3% down.

How did you add value to the deal?

Living in the property made it easier to do any improvements myself. I first renovated my half of the duplex. All the work was done by myself and friends. We learned how to do flooring, cabinets and much more.

What was the outcome?

It was a great investment with huge ROI.