Investment Info:
Small multi-family (2-4 units) buy & hold investment in Lima.
Purchase price: $50,000
Cash invested: $17,000
Two family Dwelling, Currently 1unit rented
What made you interested in investing in this type of deal?
Based on BP calculator shows Monthly cash flow and ROI positive. One unit pays for both.
How did you find this deal and how did you negotiate it?
I used a local relator to find this duplex and also, used the BiggerPocket tool "Buy and hold calculator" to run the numbers. Once I learn how to find properties on "Realtor .com". I drove to the property,to get a Feel for it. next, scheduled walk through to check main items, Plumbing, Electric, furnace, Foundation, Roof and I used the Realtor to negotiate it because it was my first real deal.
How did you finance this deal?
I used money from personal savings for down payment, financed the remainder with my credit union.
How did you add value to the deal?
I have some experience in carpentry work, can do a lot of basic repairs myself.
What was the outcome?
Completing painting of interior walls, replaced bathroom faucets and lite fixtures.
Lessons learned? Challenges?
1. Finding the right property to BRRR off of. Got to have this because, need funds for my next property.
2. Getting over the fear of the first purchase. Missed a good deal because I Procrastinated.
3. Dealing with banks and credit unions, To much red tape! it would be better to have private money.
4. Finding the right renter(s)
