First Investment - Small Multi-Family 3 units
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $235,000
Cash invested: $25,000
This property was my first investment and were I was able to learn a lot about real estate investing. This property consist of a 2x1, 1x1, and 0x1.
What made you interested in investing in this type of deal?
I was anxious for my first deal because I was listening to BiggerPockets podcast and Grand Cardon. It was also a great opportunity because my best friend offered it to me.
How did you find this deal and how did you negotiate it?
My best friend was flipping this property and sold it to me.
How did you finance this deal?
3.5% down conventional loan.
How did you add value to the deal?
Adding a bathroom and creating parking.
What was the outcome?
Higher rent.
Lessons learned? Challenges?
Never pay a contractor until the job is done. This mistake cost me $5000.00 dollars because I paid him first. Also, don't over open on unnecessary adjustments.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
As a real estate agent I was representing myself.
