The First purchase in my portfolio

[Wayne Loux]

Investment Info:

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

Purchase price: $265,000
Cash invested: $10,000

My first purchase with a business partner and best friend. We were seniors in college when we bought this multi and our plan was to move in after graduation but we ended up renting both units out. We still have the two family to this day.

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

Wanted a place to live in after college decided on the cashflow instead

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

MLS

How did you finance this deal?

3.5% down fha

How did you add value to the deal?

Renovated the second floor unit

What was the outcome?

Increased rents upstairs

Lessons learned? Challenges?

Property management and tenant selection

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

I am licensed