First home purchase, doubled as an investment.

[Matthew Butler]

Investment Info:

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

Purchase price: $420,000
Cash invested: $20,000

owner/occupant three family home with a single family house on the same lot. Managed by an outside property manager.

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

As a mariner I needed a place to live that made sense; a house unlived in rots while renting to only be in the property for 4 months per year doesn't make financial sense. Made sense to live in a place that paid for itself.

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

Found the property on zillow but as a first time homebuyer I relied on a realtor to help me through the process (feel very shorted by her) so very little negotiations happened.

How did you finance this deal?

Personal income saved.

How did you add value to the deal?

Did a bit of updating to the apartment I currently reside and Make sure the tenants are sharing things with the manager and checking in with him to make sure issues get fixed.

What was the outcome?

I have a place to live now that's not my parents house.

Lessons learned? Challenges?

Vet your realtors. Biggest challenge is not being available to work the property myself.

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

Vet your realtor, But had a VERY good lawyer and lending company who were very helpful.