First Investment Property

[Jack Vo]

Investment Info:

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

Purchase price: $325,000
Cash invested: $40,000

I have a goal when buying this property, I want to live in separate unit and rent out the other one so the renter can help me pay for mortgage. Which work out, I pay 2K$, and rent 1800$ for the bottom unit. I go one step further and rent out the room where I am at so they can pay for my utilities.

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

I want to live for free and also have income at the same time.

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

On MLS, my realtor help me procure it as it's my first house.

How did you finance this deal?

Personal saving and using the FHA loan.

How did you add value to the deal?

I renovated the bathroom to be modern. and take care of rental.

What was the outcome?

Income producing property with 1K Net income a month

Lessons learned? Challenges?

When dealing with contractor, made sure everything is spell out.