Two House Property for First Home and Rental

[Quinn Barnett]

Investment Info:

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

Cash invested: $6,000

Contributors:
Logan Bosiger

This property has a main house with an unfinished basement and a guest house. Both were rented previously but I am moving into the main house and plan on fixing the basement to have a second rental on the property. While one unit is rented, my living expenses will be reduced to $150/month plus electricity. Once we get a second unit rented, we should have Pure Cashflow of at least $230

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

I listened to the podcast for 10 months. I just got married and having another stream of income and our own house by the end of this year was a huge goal. While I am very interested in more investing and building a portfolio, starting with one or two units allows us to get our feet wet and experience in the different aspects of land-lording

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

Daily checking of Zillow. It had been on the market for 90+ days and we ended up getting the seller to come down 6k off the asking price with two counter offers.

How did you finance this deal?

We did a FHA loan with 3.5% down

How did you add value to the deal?

The plan is to finish the basement which has its own entrance to make another unit available.

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

Logan Bosiger was my agent that helped find, negotiate, and seal the deal. TJ Kuczewski at McClean Mortgage Corp. got the financing in place. He was great at understanding my situation from the very beginning of the housing pursuit.