First 2 Family Investment Property

[Basilio Torres]

Investment Info:

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

Purchase price: $330,000
Cash invested: $30,000

House Hack - Living in one unit and renting second unit.

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

Second unit helping to pay down the mortgage and increasing equity.

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

MLS Short Sale

How did you finance this deal?

203k Loan

How did you add value to the deal?

Renovated both units - kitchens, bathrooms, HVAC, Tankless heaters, Flooring.

What was the outcome?

Was able to get top dollar for rental considering others were renting for $400 less. 3 tenants later and no problem renting in this desirable area.

Lessons learned? Challenges?

Working with contractors can be challenging. Wish I had more knowledge on rehab cost before taking on project.

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

Lender I used at the time of purchase and assisted me with recent refi is Quentin Hardy with Movement Mortgage.