My first property bought at age 22

[Ryan Plasencia]

Investment Info:

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

Purchase price: $280,000
Cash invested: $45,000

This is my first purchase of many, and ill be house hacking. Ill be living on one side for only 372$.

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

Bigger Pockets pushed me to make this deal happen earlier than later. Always wanted to get into real-estate but BP made me ready. Thank you; your podcast is what made go for it :)

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

Honestly I wish I can say I found this deal but it was all thanks to my realtor. I looked over this duplex many time on the market and even drove pasted by it several times but there was no info/picture on this house and it was on the market for 250+ days. I gave a list of duplex I wanted to see to my realtor. On that list he asked me if he can add one to that list and I said sure. Funny enough this is the house he added onto the list.

When negating I just lowed-balled them and went from there.

How did you add value to the deal?

For this duplex there was not much that needed to be done. If I wanted I could of really put a tenant in right away with little to no work. Regardless I am planning on doing a few upgrades regardless.
+ This duplex has no ceiling fans so I'm planning to install them in.
+ The side im living on has no tile so ill be add tile across the whole house.
+ New AC unit on the side im living on
+ Adding gutters around the whole house
+ Repaint inside and outside of the house
+ Adding minimum landscaping

Lessons learned? Challenges?

As of right now I didn't have any major life lesson when buying this duplex. BP really taught me how to prepare and I tried really hard following them and learning from other mistakes that I heard on the Podcast. Regardless It was not easy and there was some problems but nothing I would not do again.

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

I mostly learned everything my self with no real mentor. My realtor was brand new so we wear learning off each other and I think we made a strong bond out of that. I do truly recommend him as he is a go getter and very fast to getting what was needed, he name is
Joseph Cimini.

My broker also helped me a lot and he has many years of experience. The only problem was that he is a busy man and was not always available when I needed him so I tried not bugging him to much