First Buy and Hold Rental Property

[Jake Jones]

Investment Info:

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

Purchase price: $273,000

My first investment property is an owner-occupied duplex. The rent from the other unit covers 95% of my mortgage allowing me to save for future opportunities and keep my cost of living down.

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

Buying my first home I didn't want to be forced into a liability with a single-family home. I decided to start researching multi-family and the advantages of buying an owner-occupied duplex as a first home.

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

Since I planned on living in one half of the duplex I bought off the MLS. The process was trying at times with multi-family being so competitive in the Spokane Area, but well worth it in the end.

How did you finance this deal?

I used traditional financing with 15% down.

How did you add value to the deal?

I have slowly been upgrading my unit with new paint, countertops, backsplash, exterior doors, and upgraded A/C unit.

[Sean Bozigian]

@Jake Jones hey Jake. Welcome to Spokane and congrats on your first deal. What part of town did you buy in?

My fiancé and I also purchased an owner-occupied duplex as our first property. Let’s get together and talk shop sometime.

Sean