Our 1st property/ long distance investment

[Levi McDaniel]

Investment Info:

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

Purchase price: $80,000
Cash invested: $13,000

First property purchased, and first long distance investment. appraised for $90k with conventional loan.

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

I wanted to have a multi family property, but I could not afford western WA where I live. So my wife and I decided to look in other areas of the state. The first BP 90 challenge was a big motivator for this! BUT thats not to say we were not already learning and finding what we wanted in a property.

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

Found on realtor.com while looking at a few properties in Aberdeen, WA. Noticed it was listed for over 180 days, used that to our advantage.

How did you finance this deal?

Conventional loan with 20% down.

How did you add value to the deal?

invested $13,000 into "beauty" (LVT, paint, fixtures, fridge, etc.) and some other items like a back door and bathroom window.

What was the outcome?

Keeping it as a long term. Was able to pull $35k out after two years, and continue to cashflow every month.

Lessons learned? Challenges?

always get a second or third opinion from "professionals"
Google street view is a great tool!
The first investment is the hardest.... so far

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

Our agent was Great and very helpful as well as our PM that we continue to use.