This was our 3rd investment

[Henry Paschall]

Investment Info:

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

Purchase price: $422,000
Cash invested: $10,000

This was our 3rd investment which we decided to house hack. We live in one side of the duplex and we have a tenant living in the other side. We currently do not make a profit from this property but when we move out and start renting both sides (after some upgrades) then we are estimating 300-500 in profit a month.

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

We would like to get to a point by the time I retire from the Navy to have my income supplemented by passive income from our properties.

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

We got this deal off of MLS.

How did you finance this deal?

We got a VA Loan

How did you add value to the deal?

We are going to do some updates inside and out but haven't done them yet

What was the outcome?

still working on this pro

Lessons learned? Challenges?

VA loan option was good for us in this instance but it comes with a lot of fees that are added on your total purchase at the end. Ex. we purchased this home for 440,000 but our loan on this property is 457,912.00. Just keeping that in mind if you do a VA loan.

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

Fergus Reede of the Welch Team, Keller Williams Atlantic Partners Southside