First Investment Property

[Zachary Coombs]

Investment Info:

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

Purchase price: $87,000
Cash invested: $21,750

Duplex with two 1br units. Tenants pay all utilities. Each rented for 650$ month. Total income 1300$ Monthly.

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

High income with low cost.

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

MLS through real estate agent.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

Added some appliances, Replaced some broken appliances, fixed a few small things, and replaced outdoor flight of steps.

What was the outcome?

Holding

Lessons learned? Challenges?

Don't buy vacant properties.

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

Nancy Allison Coldwell Banker in Chambersburg, PA
Charlie Miller with Freedom Mortgage
Keystone Real Estate Services Chambersburg, PA
Management - Antietam Realty Waynesboro, PA

[Zachary Coombs]

@Benjamin Seibert Great question, thanks for asking. I have not had any issues whatsoever with the borough, inspections, licenses, or anything else. Antietam Realty is a long time management company familiar with the area and strong relationships and understanding of the intricacies of that market. I've had borough employees tell me that my properties are on the nicer side of the scale for the area. I recently bought a duplex in York, PA that is zoned as SFH but has been used as a duplex for 10 years. That is the first I'm having "trouble" with a municipality. It will be resolved with time, money, and creativity I'm sure. I see you're in Frederick, MD. Where do you invest primarily? What types of properties do you invest in? How long have you been investing in real estate? What are you working on now? I'm reading "the richest man in Babylon" currently and enjoying it immensely. Thanks for your post!