1st Investment Property

[Eric Kellum]

Investment Info:

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

Purchase price: $220,500
Cash invested: $4,500

1st Investment Property. House hacking a 4/2 duplex!

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

Looking to scale - MF properties makes more sense.

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

MLS. Working with a REI savvy realtor.

How did you finance this deal?

VA Loan.

How did you add value to the deal?

I will update windows, have HVAC system installed. One unit was empty and the other is rented at $600. Room to increase rent to $750-800.

What was the outcome?

Closed and moved in to the available unit on 06.25.21

Lessons learned? Challenges?

The market is HOT! I wanted to pay ~ $100-110 per square feet. I paid $129.70. This was the 7th property I bid on. Patience and consistency is key.

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

Yes. Sean Rooks.