First Investment Property !

[Gardy Saturne]

Investment Info:

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

Purchase price: $70,000
Cash invested: $12,800

Last month I closed on my first investment property in Cleveland ohio

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

It was a duplex with great cash flow and equity

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

found this deal doing driving for dollars in the Cleveland area. The asking price was perfect didn't need to negotiate much

How did you finance this deal?

through a hard money lender

How did you add value to the deal?

currently fixing the upstairs unit to make it rent ready. A light cosmetic rehab

What was the outcome?

Great cash flow and equity

Lessons learned? Challenges?

I purchased this property sight unseen. The numbers looked great when I did my due diligence. The seller was concerned about alarming the tenants during this process. Since the tenants were on a Month-2-Month lease they didn't want to risk loosing the tenants incase I didn't perform on the deal. The lesson I learned was I should've asked for a price reduction for sight unseen purchase. I also recommend looking for local lenders in your market instead of nation wide lenders.