Done with less than (seriously) no experience

[Hailee Money]

Investment Info:

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

Purchase price: $243,000
Cash invested: $17,000

This property was purchased as a 6 bed 2.5 bath, single family home. The basement was converted into a second unit while my business partner and I lived in it and rented out the top unit as a 3 bed 1.5 bath.

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

Getting a deal that would provide me and my business partner with a free place to live was priority. This property was perfect because it is in a college town where we were able to rent out the upstairs while we lived in and converted the basement into a second unit.

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

This deal was on the MLS, this was the second time it was listed. I have a great realtor who negotiated this deal. Sellers paid all closing, they lived out of state and wanted to get it off their hands.

How did you finance this deal?

Traditional lending

How did you add value to the deal?

My business partner and I built a second unit in the basement. We have also rehabbed the yard and plan on adding A/C.

What was the outcome?

This property cash flows very well for my business partner and I, we almost think it was too good to be true.

Lessons learned? Challenges?

I learned the reality of "anything is possible if you put your mind to it". I had never even used a drill before this deal, but was able to learn enough from YouTube to build an entire kitchen!! Real estate investing was not my plan, I only learned about it 5 months before purchasing this property. I am very grateful I had to opportunity to work on this property and to learn how easy real estate makes it to invest and become financially free.

[Hailee Money]

@Miles Morrison I just worked with one agent Mike Hancock. I actually met my real estate agent while going through open houses in West Jordan in May of 2019. I asked him a few questions about the property he was showing and he knew from the questions I asked that I was a fan of bigger pockets. He happened to be an investor and bigger pockets fan as well! Both properties I own were purchased with this agent. Since my agent has a good understanding of investing he has been extremely helpful in the whole process.