First property / spanish fork, ut

[Daniel Yamanaka]

Investment Info:

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

Purchase price: $309,000
Cash invested: $15,000

Property is a mother in law apartment. We rehabbed the top part and currently house hacking it.

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

My wife and I wanted to find a place that we can house hack that way it wouldn't be so tough on paying the mortgage.

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

My wife found someone that was selling it off market on Facebook for $350k. Our approved price was $280k so we didn't really think that it was going to work but we went to check it out anyways. It turned out they were in the process of remodeling and after they were done they wanted to list it for $350k. So we asked them if they would be willing to sell as is for a cheaper rate. We also had to talk to our lender if they would approved us for more. At the end we came to an agreement at $309k