My First Property Didn't Break Me

[Chevonne Woodard]

Investment Info:

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

Purchase price: $164,950

My introduction to real estate, did the Live-in and renovate property strategy. I watched videos and have been looking at investing for years. Finally desided to test the waters with this property. What a horrible amazing experience. Many, many, challenges working fulltime and rehabbing building. Find good solid contractors, bad referrals, and tons of delays.

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

Location and cost were the initial items that appealed to me. Was $100k less than most buildings I viewed, that required work as well. So, I opted to take the deal... planning to BRRR this property to get some of my investment out of it. Used the calculator to analyze the deal. Did require more rehab then originally expected.

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

Found it through a realtor recommended by my lender. Wasn't the best experience.

How did you finance this deal?

Used VA loan program.

How did you add value to the deal?

Planning finishing basement

What was the outcome?

Live-in one unit, rent with cash flow in 2nd unit. Currently looking for next live-in property.

Lessons learned? Challenges?

Ask more questions, vet realtor and service providers such as Inspectors, I identified more issues or items inspector missed/ignored. If it doesn't feel right walk away. Fire contractors quick!

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

I'm in the market for a team to assist with real estate investment goals.