My first home is also my 1st investment property

[Christian Maumba]

Investment Info:

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

This is a legally zoned 2-Units near Morgan State University. Both units are 2 bedrooms- 1 full bath units with a kitchen & a living room. Full basement with tons of storage space, washer/dryer and fenced backyard. I live in the main level unit which has Central AC/Forced Air heat. Upstairs unit which has no central air and radiator heat has been rented for over a decade by the same tenant.

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

I was looking to buy my 1st home. I was amazed when I found that it was possible to by a multifamily house as your primary home. After thoughtful consideration, I decided that it would be a good idea and made an offer.

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

My realtor suggested we see this house. I loved it as soon as I saw it. There wasn't much negotiation, my offer was $5,000 below the asking price and the seller accepted it.

How did you finance this deal?

FHA 3.5 Percent down

How did you add value to the deal?

The units were in fairly good shape. Just added the washer/dryer, put in a battery-powered sump pump backup and an alarm system.

What was the outcome?

Bought the property and became a homeowner and a landlord simultaneously! One of the best decisions I ever made.

Lessons learned? Challenges?

No great challenges so far, tenants sometimes pay late but they have never defaulted on the rent.

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

I worked with my agent, Greg Cullison. He's an awesome person and a great realtor. Would absolutely recommend him to anyone.