Our first investment property

[Ashley Terenzi]

Investment Info:

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

Purchase price: $308,900
Cash invested: $10,000

House hacking duplex.
Rehabbed second floor apartment and rented out.
Working on updating first floor apartment and moving out to rent it.

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

Wanting to learn how to manage properties and get our feet wet in investing in real estate.

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

MLS listing, negotiated the asking price down and had sellers pay half the closing costs.

How did you finance this deal?

FHA loan with 3.5% down payment.

How did you add value to the deal?

Rehabbing the apartments to raise rent rates.

What was the outcome?

Raised one apartment rent from $1300/month to our new tenants at $1750/month

Lessons learned? Challenges?

Learned how to do basic rehabbing with floors, paint, mudding, dry walling, installations, etc.