First Deal - First Everything

[Cory Cox]

Investment Info:

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

Purchase price: $75,000
Cash invested: $2,000

Scary Duplex! First ever deal! I was out exactly $2k out of MY cash and that was actually a tip to the GC for the awesome job he did! Found a mis-represented duplex walking distance to a college and bought it. Used bank financing for the purchase, repairs. After this I was completely hooked! I will most likely keep this for another 5 years and then 1031 into something else down the road. So happy I took the leap!

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

My first ever deal! I had been studying for months and ready to jump in! This was brought to me from an agent friend from high school and she was awesome! Negotiated awesome for me and I hand the keys over to an experienced GC in the area that we still work together today! He helped me through the process and I still have it!

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

MLS. Agent brought it to me because I told her I was looking for getting started in rentals.

How did you finance this deal?

Construction Loan - Bank

How did you add value to the deal?

Just brought everything up to a high standard of living. Updated inside/out.

What was the outcome?

Awesome deal! I still have it today and the turn over on it is so easy. I will always love this one!

Lessons learned? Challenges?

Becoming a property manager. This is what dipped my toes into the water and taking the PM role. Even when speaking to older people it was a challenge in the beginning but I have stepped into that role well as I have become more skilled. Great confidence booster and helped me along the way to what I have now!