Purchasing my first multi family

[Corey McMahon]

Investment Info:

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

Purchase price: $323,600
Cash invested: $15,500

Purchasing my first two family property to live in and improve, before turning into a rental property.

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

I was a tenant and the owner put it on the market. I’d been saving up to get into real estate and thought this would be a great first step.

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

Tenant purchase

How did you finance this deal?

FHA loan

How did you add value to the deal?

I purchased without a buyer real estate agent and saved money on the offer price.

What was the outcome?

Due to close next week.

Lessons learned? Challenges?

Navigating my first loan of this size was a learning experience, between planning for closing costs and deciding on the best down payment percentage.