First Multi-family investment property

[Katie Esmay]

Investment Info:

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

Purchase price: $259,000
Cash invested: $36,000

My husband and I bought a duplex with the intent to rent both sides out. 1 side is currently being rented out and we are renovating the other side. Hoping to have it renovated by end of the year! We gutted the bathroom down to the studs and we are doing a whole new makeover in the kitchen. Adding a 2nd bedroom to the upstairs as well as new flooring paint, etc. We are very excited to have started our Real Estate investing journey!

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

I have been wanting to get into multi-family for a long time now. Just couldn't seem to find the right one.

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

I am a Realtor and I found the property on the MLS, it had been on the market for 45 days when I went to check it out. I knew it was going to need work so my husband and I offered them $20k under asking and the Seller paid $10k in closing and they accepted the offer.

How did you finance this deal?

We took out a loan against my husband's 401k for the downpayment.

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

I am a Real Estate Agent in Minnesota, I work for a virtual brokerage so I am all over the state. I live in the Western suburbs, but our duplex is in Saint Paul and I have done transactions many places in between!