My Very First Property

[Kenneth Brown]

Investment Info:

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

Purchase price: $214,000
Cash invested: $15,000

This is the first property that I have purchased. I feel really great about this deal after using the BP Calculator. I will have to put in a small amount of work in order to have this property move in ready with the ability to raise the rents from where they currently stand.

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

The area where the duplex is located has a lot of homes and other facilities being built near it.

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

I found it on the MLS and I negotiated using my agent for the pricing.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

I am repainting the interior of the home, repainting the kitchen cabinets, changing the flooring throughout, and updating the appliances in the kitchen. All new fixtures will also be added to the property including new doors throughout.

What was the outcome?

I will be holding this property.

Lessons learned? Challenges?

The key is to start. It has been a rush so far and I plan to ride this high out into my next deal.

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

I would love to recommend anyone to my agent. I work very long days so she was my point person for most of the negotiations with the selling agent/seller. She would review all documents before they were sent to me because she knew I was strapped for time most days.